Poundland pins rescue hopes on Yorkshire Tea, Pot Noodle and Gloria Gaynor

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Chain restocks stores in operation named after singer of I will Survive after US owners release fundsPoundland’s under-fire US owners have released funds to help the stricken…

Chain restocks stores in operation named after singer of I Will Survive after US owners release funds

Poundland’s under-fire US owners have released funds to help the stricken discount chain restock shelves temporarily, keeping hopes of a rescue deal alive in the run-up to crunch talks with the government.

In an emergency resupply effort codenamed “Operation Gloria” by senior Poundland staff, about 16m grocery items were dispatched to 600 shops in the UK and Ireland over the weekend.

The name comes from the Gloria Gaynor song I Will Survive, which soundtracked a defiant video posted on social media by Poundland showing pallets of Yorkshire Tea and Pot Noodles making their way from depots to the shelves.

It came after Gordon Brothers, the US investors who MPs have accused of “predatory capitalism”, agreed to unlock £21m of £50m that it had been accused of endangering the business by withholding.

The money will provide breathing space while rescue talks continue, ensuring that suppliers continue sending goods to branches during the crucial pre-Christmas trading period.

Poundland filed a notice of intention to appoint administrators at the end of last month, throwing the fate of its 12,000 staff and about 2,000 suppliers into uncertainty.

Last week the chain won approval from the high court for an extension of legal protection from creditors, giving it until 26 November to find a buyer.

The company and Gordon Brothers are now heading for a frantic period of talks with potential buyers and the business secretary, Jonathan Reynolds.

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