RetailDeals
A specialist in litigation and dispute resolution has warned that Poundland could ultimately wind up in insolvency proceedings despite its rescue deal.
Poundland narrowly avoided administration after the High Court approved a major restructuring plan, but the discount chain has confirmed several stores across the country – as well as its online store and customer loyalty app – will be shut down as part of the shake-up.
The rescue package will inject up to £60m into the retailer, alongside a new £30m overdraft facility and extended loan repayment deadlines.
It comes just days before the business was set to run out of cash and was set to be placed into administration, and also follows the closure of dozens of its UK…