By Fatma Younis
The US owners of Poundland have described the high street chain as "challenged and vulnerable" following meetings with government ministers, as the retailer faces a potential administration that puts roughly 11,000 jobs at risk.
Administration notice puts 11,000 jobs at risk
Gordon Brothers, which bought Poundland for £1 last year, filed a notice of intention to appoint administrators last week. The move gives the business 10 working days of breathing space from creditors to secure a rescue deal before potentially entering insolvency.
Government urges practical solution
Mayor of Greater Manchester Andy Burnham said the owners must find a "practical solution" to keep stores open and save jobs. He urged executives to meet with the Business Secretary and focus on preserving viable high street outlets that matter to local communities.
Sale process ongoing with active discussions
Gordon Brothers said it remains in "active discussions" with interested parties and is pursuing all avenues to protect as many jobs as possible. The company launched a formal sale process in September and has provided significant funding to support a turnaround, but acknowledges the business remains vulnerable to any future trading downturn.
