Hartlepool Poundland store remains open as retailer secures extended deadline for possible rescue

Hartlepool’s Poundland stores will remain open for now as emergency talks continue.

A deadline to secure a buyer for the crisis-hit retail chain was set to expire at midnight, but a court has given Poundland an extra 10 days to find a buyer.

The national discount chain, which employs around 11,000 people nationally over 600 stores, has a branch in Middleton Grange Shopping Centre.

The household name chain has been edging towards administration, but with a further 10 days announced, bosses said funding had been agreed so shops can stay open and trading during this period.

Gordon Brothers, Poundland’s owner, has faced mounting political pressure to protect the chain’s future and MPs have accused them of deliberately cutting off funds and pushing it to the brink of insolvency.

Prime Minister Andy Burnham has stepped in to call for executives to work with the Government to find a solution that saves shops and jobs.

Gordon Brothers said it was in talks with three potential buyers for the whole business.

A spokesman said: “We are in discussions with three parties for a sale of the whole business and we have also received several offers from established high street retailers for significant parts of the business.

“While our preference remains a sale of the whole company, we are taking due care to ensure that any successful offer can provide the funds required to acquire the business and see it through to sustainable cash generation.”

Poundland’s board said extending the notice period to appoint administrators was “with a view to identifying the best available prospects for shareholders, creditors and our people”.

“Our stores remain open as usual during this period and we thank our colleagues, suppliers and customers for their incredible and continued support,” they said.