UK government warns of potential thousands of job losses as Poundland goes up for sale
The government has been alerted to the risk of large-scale redundancies after Gordon Brothers put the discount retailer Poundland up for sale.
Less than a year after acquiring Poundland for a nominal £1, investment firm Gordon Brothers has listed the retailer for sale, sparking fears of thousands of job cuts across its roughly 600 stores. The move has triggered an alert at Downing Street, and the retail union Usdaw cautioned that the company may face administration without a successful deal, scheduling urgent talks with Gordon Brothers. Potential suitors such as Modella Capital, B&M, Fortress and CDS Superstores have shown interest, though only a few have submitted full-network offers.
Gordon Brothers said negotiations with several parties are ongoing and the board will evaluate options to minimise uncertainty for staff, suppliers and local communities.
Why it matters
The possible loss of up to 12,000 jobs could have a major impact on UK retail employment and local economies.
In this story
