Poundland suppliers warn US owner must not maximise its return at their expense
Source: The Guardian ·
British companies that supply the budget retailer face millions of pounds-worth of losses if it collapsesSuppliers facing millions of pounds in losses if Poundland collapses have said the chain’s US owner “should not be permitted” to maximise its return at their expense, as ministers attempt to intervene in the situation.The fate of the retail chain, its 12,000 staff and about 2,000 suppliers…
From the source
Suppliers facing millions of pounds in losses if Poundland collapses have said the chain’s US owner “should not be permitted” to maximise its return at their expense, as ministers attempt to intervene in the situation. The fate of the retail chain, its 12,000 staff and about 2,000 suppliers remains uncertain after it filed a notice of intention to appoint administrators at the high court last Thursday. The US restructuring specialist Gordon Brothers, which bought the now 600-store Poundland chain for £1 last summer, remains in talks with at least two possible buyers for the company. They include Northern Ireland’s Martin Property Group, whose offer has been backed by the retailer’s management team. Gordon Brothers executives are understood to be meeting with Jonathan Reynolds, the business secretary, on Wednesday, while Poundland’s management team have a separate meeting with Kate Dearden, the minister for the future of work, and the shop workers’ union Usdaw amid political pressure…
BestAIBroker analysis
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