Poundland has applied for a second notice of intention (NOI) to appoint administrators, securing an additional 10 working days of protection from creditors as its owner, Gordon Brothers, continues talks with three prospective buyers for the entire business.
Court filings show the company sought the extension after the first NOI expired on Thursday. Management confirmed that funding has been secured to keep shops open and operating throughout this timeframe.
Political pressure and buyer talks
Gordon Brothers has faced growing political pressure to safeguard the chain's future. MPs have accused the owners of deliberately withholding funds and driving the company towards the edge of insolvency. The owners have indicated they are in discussions with three prospective purchasers for the whole business.
Amid the upheaval, customers at some stores have commented on unstocked shelves. On Saturday, the company posted videos showing stock being dispatched to outlets under the name "Operation Gloria".
Operation Gloria restock
Poundland confirmed the development followed the release of funds by the owner to replenish its grocery shelves. This has resulted in over 50 suppliers resuming deliveries to its distribution centres in Makerfield near Wigan and Harlow, Essex.
The retailer announced that over the following five days, more than 16 million grocery items would be dispatched to Poundland and Dealz stores throughout the UK and Ireland.
In an official statement, the company said: "Operation Gloria will rapidly re-stock grocery aisles over the next five days. Over the past 48 hours, over 50 suppliers from across the UK and Ireland have backed Poundland by delivering 16m-plus new grocery items to its DCs in Makerfield near Wigan and Harlow in Essex."
The statement continued: "Poundland again sincerely thanks the suppliers who are standing up for the business in unusual times. Despite the current circumstances, Poundland continues to trade strongly. Its stores were already well stocked with general merchandise and clothing ahead of Christmas and supplies are now flowing once more to its grocery aisles. Poundland expects the current tranche of 16m-plus grocery items destined for its stores to be delivered in full over the next five days."
Items being replenished
The company confirmed which items were being replenished, stating: "The rapid re-restock includes many of its customers' favourite items including crisps, confectionery, health and beauty and household staples such as tin foil and kitchen towels. As it said earlier in the week, Poundland stores remain open as usual and thanks its colleagues, suppliers, customers, and the wider retail industry, for their incredible and continued support."
