Business · 6 hours ago
Poundland Owner Locks Away £25m As Shelves Run Low Before Christmas
Mtaylor848, CC BY-SA 3.0, via Wikimedia Commons
Poundland has been unable to pay suppliers for fresh stock since 27 October, after its American owner Gordon Brothers restricted access to credit and trading cash, ITV News reports. Around £25m is said to be sitting out of reach. Boss Barry Williams told staff the chain swung to an £18.1m underlying profit, while a creditor moratorium protecting its 12,000 jobs ends this Thursday, 12 November.
Reported by ITV News · How we write briefs