The discount chain is teetering on the edge after its US-based owners Gordon Brothers cut off a vital funding supply and rejected a takeover offer from Irish firm Martin Property Group (MPG). The uncertainty surrounding Poundland's future has left some of its 12,000 members of staff fearful about the future of their jobs. The retailer's bosses have filed a notice of intention to appoint administrators, giving the business 10 days to find a rescue deal. The move comes after managing director Barry Williams told staff that the chain's US owner had cut off a vital supply of funding despite Poundland's strong sales. It is understood Gordon Brothers wants to break it up, with rivals Poundstretcher, B&M and Lidl interested in potentially buying up its stores. Gordon Brothers bought Poundland, which had been struggling, from the Polish retail group Pepco last year for a nominal £1. A little over a year later, it put the business up for sale. Despite an offer on the table for the business, Poundland's managers and owners have not been able to agree on a buyer. It could still be purchased out of administration in a so-called pre-pack deal, but the most likely option is for it to be broken up and for Poundland's stores to be sold off. Poundland was founded in 1990 with a store in Burton-upon-Trent and has around 20 million customers per year. It has across its 600 stores in the UK and Ireland, where it trades as Dealz. It sells low-cost everyday products, general merchandise and fashion on local high streets.
BBQ - What impact would this have on the high street?
