Is Poundland closing down? Future of stores 'hangs in balance'
Poundland in Eastbourne could be one of all the retailer’s stores across the country to close down.
The store’s future is said to ‘hang in balance’ after retail directors file a notice of intention to appoint administrators.
This is after the chain’s American owners, Gordon Brother cut off funding and refused a takeover from Irish property developer Martin Property group.
Usdaw National Officer Bally Auluk said: “It has been an incredibly distressing week for Poundland staff who have had to watch from the sidelines as a multi-billion pound company jeopardises their livelihoods as it tries to extract £30m from a business it bought for £1.
“Poundland’s managing director Barry Williams has reluctantly filed a notice of intention, to give the business time to find a rescue deal and prevent Gordon Brothers from breaking up the business.
“We are urging Gordon Brothers to reconsider and to prioritise a unified buyer who will protect the livelihoods of 11,000 people.”
The discount-chain has around 600 stores across the UK including the one on Terminus Road in Eastbourne and each store has an average of 15 – 20 staff in each branch.
The notice filed by Poundland’s retail directors, will give the business 10 days ‘breathing space’ to find a rescue deal, if it’s approved by the High Court.