PEPCO GROUP N.V. EO-,01

The British discount chain Poundland, with around 640 stores, is on the brink of collapse after owners and potential buyers failed to agree on a rescue plan. Gordon Brothers is reportedly demanding repayment of a previously granted £30 million loan, prompting the appointment of an insolvency practitioner. A sale to interested parties such as Fortress Investment, Lidl or Aldi is being considered, but without an agreement many store closures and severe effects on local high streets are likely. Politicians and unions are demanding explanations from the owners and are campaigning to preserve the jobs. » Altro su faz.net

Gordon Brothers filed a notice of intention to appoint administrators for Poundland and has lined up Alix Partners to run the process, protecting the chain from creditor action for 10 days. The owner rejected a management-backed rescue bid and believes more value can be recovered by breaking up the business; one full-bidder, Martin Property Group, offered less than the debts Gordon Brothers assumed. The move leaves about 12,000 staff uncertain ahead of Christmas while rival discount groups including Poundstretcher (Fortress), CDS/The Range and B&M consider buying parts of the estate. » Altro su theguardian.com

Jonathan Reynolds has written to Gordon Brothers to establish facts after the US firm, which bought Poundland for £1 last summer, looks set to place the 600‑store chain into administration. Gordon Brothers rejected a bid from Martin Property Group and is reportedly poised to appoint AlixPartners, with suppliers already holding back deliveries and insiders warning of a rapid break‑up to recoup about £30m. The potential collapse, which could leave many stores unsold and cause large job losses, risks overshadowing the chancellor’s budget. » Altro su theguardian.com