Retailer’s management to seek two-week extension of legal protection from creditors in high court

MPs have accused the owner of Poundland of extracting millions of pounds from the budget retailer when it was on a “knife-edge” as it 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.