Poundland moves toward administration, putting 12,000 jobs at risk

Discount retailer Poundland has filed a notice of intention to appoint administrators, giving it 10 days to find a rescue deal after its US owner Gordon Brothers cut off funding and rejected a takeover bid from Irish firm Martin Property Group. UK Prime Minister Andy Burnham said the government is ready to support the chain's 12,000 staff and demanded answers over the rejected offer.