Hundreds of jobs at risk as Poundland nears collapse

The future of Poundland stores is uncertain as reports suggest the shop could collapse within days, putting jobs at risk. <i>(Image: Newsquest/ Sonya Duncan)</i>
The future of Poundland stores is uncertain as reports suggest the shop could collapse within days, putting jobs at risk. (Image: Newsquest/ Sonya Duncan)
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Hundreds of jobs could be lost as a discount retail giant nears collapse.

The future of Poundland stores is uncertain as reports suggest the shop could collapse within days, putting jobs at risk.

The retailer has around 600 stores nationwide, including eight in Norfolk - three in Great Yarmouth, two in Norwich and one in each of King's Lynn, Dereham, and Thetford.

According to Sky News, three independent directors overseeing Poundland's emergency sale process are about to resign following a disagreement with majority owner Gordon Brothers.

The dispute reportedly centres on a decision not to accept a takeover bid from Martin Property Group.

The move has reportedly increased the likelihood of Poundland entering insolvency proceedings, which could see the business broken up and sold in parts, rather than continuing as a single retailer.

Poundland employs more than 10,000 people.

Potential buyers for parts of the business reportedly include B&M, Iceland, Poundstretcher and The Range.

The retailer has struggled in recent years amid "rising costs and changing shopping habits", despite signs that trading performance had begun to improve.

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