Poundland has applied for a second notice of intention (NOI) to appoint administrators, extending the period of protection from creditors by an additional 10 working days as it continues efforts to secure a rescue deal.
Court documents show the application follows the expiry of the first NOI on Thursday. The move gives the retailer more time to negotiate a potential sale while keeping its stores operational.
Funding secured to keep trading
Bosses confirmed that funding has been agreed to allow shops to remain open and trading during this extended period. The board said the decision was made with the aim of identifying the best available prospects for shareholders, creditors and employees.
The retailer's board stated: "Amid an ongoing sale process, and with funding agreed to enable the business to continue trading during this period, the board of Poundland has today resolved to make an application for a second NOI with a view to identifying the best available prospects for shareholders, creditors and our people."
Stores remain open
The board added that the extension "protects the business for a further 10 working days," and confirmed that all stores remain open as usual. It also expressed gratitude to colleagues, suppliers and customers for their continued support during the process.
