Poundland is set to run out of money within just days if the company's rescue plan is not approved, the High Court was told today (August 26).

Barristers explained the chain must have approval to shut down shops, reduce rents and slash its number of staff, or it could risk plunging into administration by September 7.

Poundland has tight links with the Midlands, having been founded in Burton-on-Trent back in 1990. It it a popular discount store with nearly 14,700 staff members and around 800 stores.

The group announced plans to close 68 stores back in June after it was sold to Peach Bidco for a 'nominal sum.'

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Tom Smith KC for Poundland Limited issued written submissions for the brand, stating the reta

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