Business
Poundland's future hangs in the balance as chain edges towards collapse
Poundland's bosses is filing a notice of intention to appoint administrators to the business.
BBC Business•
The future of Poundland hangs in the balance as the discount chain edges towards collapse, the BBC understands.
The retailer has filed a notice of intention to appoint administrators, which if approved by the High Court, will give the business 10 days breathing space to find a rescue deal.
Poundland's managing director Barry Williams wrote a memo to his 12,000 staff across its 600 stores on Tuesday saying the American owner of the chain had limited the chain's access to funding.
Gordon Brothers bought Poundland, which had been struggling, from the Polish retail group Pepco last year for a nominal £1.