Poundland seeks more time to secure rescue deal

Poundland was approaching a deadline to find a rescue deal after filing a notice of intention to appoint administrators.

Poundland had 10 days to find a deal. It had no deal near the deadline.

People expected more time for talks.

The owners gave about £10 million. The money could pay staff, taxes and suppliers.

If there was no deal, administrators were expected. About 600 shops and 11,000 jobs could be at risk.

Possible buyers included Tesco, Iceland, Lidl, Xyra Holdings and Martin Property Group.

Barry Williams is Poundland's managing director. He said jobs were not guaranteed. He also said Poundland might not operate through Christmas.

Section: Business

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