Poundland will run out of money within days if a restructuring plan is not approved, the High Court has been told. The company is asking a judge to approve a plan which would save it from entering administration, with barristers telling a hearing on Tuesday that it is set to run out of money by September 7 if the scheme is not sanctioned.

Poundland, founded in Burton upon Trent, Staffordshire, in 1990, has approximately 14,700 staff members and operates around 800 stores. It announced plans to shut 68 stores in June after being sold by Pepco Group to Peach Bidco, a subsidiary of private equity firm Gordon Brothers, for £1.

In written submissions for the hearing in London, Tom Smith KC, for Poundland Limited, said that the retailer’s financial position had “significantly deteriorated duri

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