Poundland’s US owner says retailer remains ‘vulnerable’, after talks with ministers
Source: The Guardian ·
Gordon Brothers still in ‘active discussions’ with interested parties and seeks to ‘protect as many jobs as possible’The US owner of Poundland has said the high street chain remains “challenged and vulnerable” after holding talks with ministers amid government criticism of its handling of the retailer.Gordon Brothers said in a statement on Thursday morning that it was still in “active…
From the source
The US owner of Poundland has said the high street chain remains “challenged and vulnerable” after holding talks with ministers amid government criticism of its handling of the retailer. Gordon Brothers said in a statement on Thursday morning that it was still in “active discussions” with interested suitors and had been seeking to “protect as many jobs as possible”. It comes after Poundland filed a notice to appoint administrators last week, putting the future of its roughly 12,000 workers at risk. Gordon Brothers, which only bought Poundland last year for £1 and launched a sale process for the company at the start of September, is under pressure to accept a bid to save the retailer, which is on the brink of collapse despite receiving solvent takeover offers. Last week the chain filed a notice of intention to appoint administrators, which gave the business 10 working days of breathing space from creditors to secure a potential rescue deal before potentially entering insolvency. The…
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