Poundland Files Notice for 10-Day Rescue Period

Poundland has filed a notice of intention to appoint administrators, starting a 10-working-day period in which the discount retailer can seek a rescue while protected from creditor action. The filing does not itself put the company into administration, and its stores remain open and trading normally, the company said. The notice, filed on Thursday, October 29, gives Poundland time to pursue a buyer or other deal. No buyer or administrator had been confirmed that day. The retailer said it had not identified an acceptable offer for the business as a whole, but several established retail operators had made formal offers covering a significant part of it. Poundland managing director Barry Williams said the offers could provide the best available prospects for preserving jobs. The company’s owner, Gordon Brothers, rejected a takeover proposal from Martin Property Group, which Poundland management had identified as its preferred bidder. The proposal was aimed at buying the chain as a single business, according to reports on the sale process. The rejection has heightened the possibility that buyers may acquire parts of the retailer rather than the entire chain. CDS Superstores,...