Poundland Files for Administration
British discount retailer Poundland has filed a notice of intention to appoint administrators to secure legal protection while pursuing a rescue deal. The company continues to negotiate with several operators interested in parts of the business.
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United Kingdom's discount chain Poundland filed an administration notice on Thursday afternoon to secure legal protection while pursuing a rescue deal for the business. The move follows an auction process initiated by owner Gordon Brothers in August, less than a year after the United States investment firm acquired the retailer from PEPCO GROUP NV for a nominal sum. The restructuring puts 10,000 jobs across more than 600 stores at risk as traditional retailers face mounting margin pressures.
