MPs accuse Poundland’s owner of siphoning millions while the struggling retailer sought legal protection, highlighting severe corporate governance failures that threaten 12,000 jobs.
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Retailer’s management to seek two-week extension of legal protection from creditors in high courtMPs have accused the owner of Poundland of extracting millions of pounds from the retailer when it was on a “knife-edge” as the budget retailer seeks extra time to secure a rescue deal.The management of Poundland, which employs 12,000 people and operates 600 stores in the UK and Ireland, will seek a two-week extension of legal protection from creditors from the high court on Thursday morning. Continue reading...
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