Poundland Seeks Emergency Funding, Cuts Stores

Poundland, the UKs popular discount chain, is seeking emergency funding to combat a significant sales decline. The retailer plans to draw down £30 million from an overdraft provided by its former owner, Pepco. This move comes as the company grapples with challenging trading conditions ahead of the holidays. Despite being rescued by Gordon Brothers over the summer, Poundlands sales have fallen short of expectations, leading to a cash crunch. The company plans to close around 130 stores by February and has hired accountants and advisors to monitor cash flow. Despite the challenges, Poundland is optimistic about its recovery, with well-stocked stores and support from its new owners.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.