Poundland has applied for a second notice of intention (NOI) to appoint administrators after the first one expired on Thursday, giving it an extra 10 working days of breathing space from creditors to secure a potential rescue deal. Court documents confirm the move, and bosses said funding had been agreed so shops can stay open and trading during this period.
Rescue talks and political pressure
Poundland owners, Gordon Brothers, have faced mounting political pressure to protect the chain’s future, and MPs have accused them of deliberately cutting off funds and pushing it to the brink of insolvency. The firm's owners have said they are in talks with three potential buyers for the whole business.
The discount chain has around 600 UK shops and employs 11,000 people. Some shoppers have reported empty shelves in stores amid the turmoil.
Operation Gloria restock
On Saturday the firm shared videos showing stock heading out to shops under the name "Operation Gloria". It confirmed the move came following the release of funds by the owner to restock its grocery shelves. This has seen more than 50 suppliers re-commence deliveries to its distribution centres in Makerfield near Wigan and Harlow, Essex.
It said over the next five days more than 16 million grocery items would be delivered to Poundland and Dealz stores across the UK and Ireland. In a statement on behalf of the firm, it said: "Operation Gloria will rapidly re-stock grocery aisles over the next five days."
Supplier support and trading update
The statement added: "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." It also said: "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.
The firm confirmed what was being restocked, saying: "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."
