Burnham tells Poundland's US owner Gordon Brothers to 'sit down with us' and save 12,000 jobs as collapse looms
Tesco is in talks to buy up to 150 Poundland stores as Gordon Brothers, the US private equity firm that bought the chain for £1 last year, edges it toward break-up with 12,000 jobs at risk.
A new £12.5 million rescue bid from Xyra Group Holdings has given Gordon Brothers until the end of Wednesday to respond, as Prime Minister Andy Burnham directly demanded the US firm stop ignoring viable offers and negotiate a solution to save the retailer's 600 stores.
Nationalisation is on the table, with a Labour minister suggesting the government could take over Poundland if no deal is struck.
Suppliers face ruin too: Bradford firm Highcrest Retail Brands says it will lose millions, while some smaller suppliers have warned they will go under entirely if Poundland collapses.
Xyra, whose Companies House filings show net liabilities of just £296, was founded less than two years ago and has never completed a retail acquisition.
