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High street discounter Poundland has filed to appoint administrators, threatening the future of around 12,000 workers.
Court filings show that the retailer has filed a notice of intention to appoint administrators on Thursday afternoon, which will give the business 10 working days of breathing space from creditors to secure a potential rescue deal.
It is understood advisers are still in talks with parties interested in buying the brand and swathes of stores.
Poundland managing director Barry Williams told staff in a memo that the situation is “unexpected, unwanted and wholly avoidable”.
It comes after owner Gordon Brothers rejected a takeover offer from Irish real estate firm Martin Property Group, which management named as their preferred bidder earlier this month.
Gordon Brothers – which only bought Poundland last year for £1 – launched a sale process for the retailer at the start of September.
Poundland currently runs around 600 stores across the UK.
