Poundland is struggling to acquire new inventory as its American owner, Gordon Brothers, has frozen access to approximately £50 million in funds. The discount retailer, which has until Thursday to secure a rescue deal, is reportedly 'running on fumes' and has filed a notice of intention to appoint administrators to protect itself from creditors.
Pressure is mounting on Gordon Brothers after it rejected a takeover bid that could have preserved jobs. While the company reported a profit of £18.1 million for the year ending September, its future remains uncertain, with potential buyers exploring options to either maintain or break up the chain.