Poundland staff could be out of work for years if retailer collapses, founder says
Source: The Guardian ·
Steve Smith calls on owners to accept proposed buyout as 12,000 staff face uncertain future in run-up to ChristmasThe founder of Poundland has warned that staff at the retailer could be out of work for “years” if it collapses, as he called on the owners of the troubled chain to accept a proposed buyout deal.Steve Smith, who set up the firm with a store in Burton upon Trent in 1990, said: “Once…
From the source
The founder of Poundland has warned that staff at the retailer could be out of work for “years” if it collapses, as he called on the owners of the troubled chain to accept a proposed buyout deal. Steve Smith, who set up the firm with a store in Burton upon Trent in 1990, said: “Once these jobs are lost, they are lost” from Britain’s struggling high streets. His warning comes as the chain’s 12,000 employees face uncertainty over their future in the run-up to Christmas. Poundland’s future hangs in the balance after the retailer, which is controlled by the US restructuring specialist Gordon Brothers, filed a notice of intention to appoint administrators at the high court on Thursday, with the advisory firm AlixPartners lined up to run the process. The legal measure protects Poundland from the demands of creditors until 12 November while a solution to its problems is sought. However, the likelihood of it avoiding mass store closures and job losses diminishes by the day as suppliers have…
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