P202news.today202Wed 28 Oct13:44
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Poundland directors quit as collapse threatens thousands of jobs
Three directors appointed to rescue Poundland are resigning over a dispute with owner Gordon Brothers about whether to accept a takeover bid or break up the business.
Poundland faces potential collapse after three directors appointed less than two weeks ago to oversee its emergency sale are on the brink of resigning. The dispute centres on owner Gordon Brothers rejecting an offer from Irish firm Martin Property Group, instead considering breaking up the 600-store chain and selling parts to rival retailers. Martin Property Group's bid would involve deferred payments on a £30 million shareholder loan, which Gordon Brothers is reluctant to accept. The potential insolvency threatens over 12,000 jobs across the UK and Ireland. A decision is expected within days, with unions warning of job losses before Christmas.
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