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UK's Poundland files administration notice to buy time for rescue

By Reuters News

LONDON, Oct 29 (Reuters) - Struggling British discount retailer Poundland on Thursday filed a notice of intention to appoint administrators, giving the business temporary legal protection while it attempts to find a rescue deal.

  • The notice, filed in the High Court, gives the business 10 working days protection from creditor action

  • Poundland was put up for sale by US investment firm Gordon Brothers in August, less than a year after it purchased the chain for a nominal sum from Warsaw-listed Pepco Group PCOP.WA

  • Poundland and Gordon Brothers did not immediately respond to Reuters' request for comment

  • Poundland trades from more than 600 stores, including via the Dealz chain in Ireland, employing over 10,000

  • It also operates a distribution centre in Prime Minister Andy Burnham's Makerfield constituency in north west England

  • Poundland was founded in 1990 and grew to become popular for selling all of its items at the single price point of £1, a policy long since abandoned

  • In recent years, it has struggled with competition from the traditional supermarkets, discounters Aldi and Lidl and firms such as B&M BMEB.L

  • Fellow UK discounter Wilko collapsed in 2023

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