Uncertainty remains over Sheffield’s Poundland stores as company seeks more time
Poundland has been given another 10 working days to find a buyer
Uncertainty remains over the future of Poundland's Sheffield stores after the company announced it is seeking a further 10 working days to explore options for its future.
The discount retailer has been facing financial difficulties and has been given temporary legal protection from creditors while it tries to find a buyer.
The company has now applied for another 10 working days of protection, giving it more time to work out what happens next.
Poundland said funding had been agreed to keep the business running while talks over a possible sale continue.
A Notice of Intention (NOI) is a legal measure which gives a company temporary protection from creditors while it tries to find a way forward. It does not mean the company has gone into administration.
The company has stressed that all its shops will remain open as usual for now.
In a statement, Poundland's board said: “Over the past two weeks, Poundland has been operating under the statutory protection of a Notice of Intention (NOI) to appoint Administrators.
“Amid an ongoing sale process, and with funding agreed to enable the business to continue trading during this period, the Board of Poundland has today resolved to make an application for a second NOI with a view to identifying the best available prospects for shareholders, creditors and our people.
“This extends the current protections over the business for a further 10 working days.
“Our stores remain open as usual during this period, and we thank our colleagues, suppliers and customers for their incredible and continued support.”
The announcement means there is still no confirmed outcome for Poundland, with the company continuing to look at its options.
There are currently eight stores in Sheffield.