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Poundland has dodged administration after a rescue package received approval from the High Court. The discount retailer sought judicial backing for a major restructuring programme involving rent reductions and the shuttering of numerous outlets and distribution hubs. ‌

The company warned that without court approval, Poundland risked running out of funds and facing administration by this Friday, August 29. However, the court's endorsement of the scheme will unlock up to £60million in fresh capital to keep the budget chain operating. ‌

Poundland has previously outlined proposals to shutter 68 locations, with 11 outlets ceasing trading permanently this Sunday, whilst another branch is scheduled to close in early September. ‌

Poundland announced its store in Irvine, Sco

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