Poundland owner poised to seek administration for discount chain

Poundland's owner, Gordon Brothers, is poised to file a notice of intention to appoint AlixPartners as administrator of the discount chain, potentially as early as Wednesday, according to The Guardian. Administration is a formal insolvency process for companies unable to pay their debts, in which an appointed professional takes control to rescue or sell the business. Poundland employs 12,000 staff.