Poundland to appoint administrators: 'Unexpected, unwanted and wholly avoidable'

• Poundland has filed a notice of intention to appoint administrators, placing about 12,000 jobs and 600 UK stores at risk.
• The legal filing grants the discount retailer 10 working days of protection from creditors to try to secure a rescue deal.
• The decision follows owner Gordon Brothers rejecting a takeover offer from management's preferred bidder, Martin Property Group.
• Advisers at AlixPartners are assessing alternative bids for all or parts of the business from various retail operators.
• Poundland managing director Barry Williams told staff in a memo that the situation was “unexpected, unwanted and wholly avoidable”.

IN FULL

Poundland enters administration with 12,000 jobs at risk