Poundland owner extracted millions when chain was on ‘knife-edge’, MPs say

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MPs accused Poundland’s owner of extracting millions from the retailer while it was financially precarious. The chain, which operates about 600 UK and Irish stores and employs 12,000 people, is seeking a two-week extension of creditor protection while it pursues a rescue deal.

Retailer’s management to seek two-week extension of legal protection from creditors in high court MPs have accused the owner of Poundland of extracting millions of pounds from the retailer when it was on a “knife-edge” as the budget retailer seeks extra time to secure a rescue deal. The management of Poundland, which employs 12,000 people and operates 600 stores in the UK and Ireland, will seek a two-week extension of legal protection from creditors from the high court on Thursday morning. Continue reading...