Poundland secures more time to avert collapse

Poundland has secured extra time in its bid to avert collapse after the directors of the struggling retailer managed to hold off its creditors by another 10 days. The high street chain s management has filed a second notice to appoint administrators, which it is hoped will give its owners Gordon Brothers more time to find a buyer for its 600 stores and 12,000 staff. This comes after Gordon Brothers was slammed by MPs for “jeopardising thousands of jobs on Britain’s high streets” during a two-hour grilling in Parliament on Wednesday. A spokesperson for Poundland’s board said: “Over the past two weeks, Poundland has been operating under the statutory protection of a Notice of Intention (NOI) to appoint Administrators. “Amid an ongoing sale process, and with funding agreed to enable the business to continue trading during this period, the Board of Poundland has today resolved to make an application for a second NOI with a view to identifying the best available prospects for s