Poundland has been given a further 10 working days to secure a rescue deal, as pressure mounts on its American owners to protect the future of the discount retailer and thousands of jobs – including those at its Ivybridge store.

A new Notice of Intention (NOI) to appoint administrators was filed on Thursday, November 12, giving the business a fresh window to find a buyer and avoid administration.

The development comes amid growing political pressure on US investment firm Gordon Brothers to secure a solvent sale of the chain, rather than allow the business to collapse or be broken up.

Gordon Brothers has also confirmed that funding will be released to ensure Poundland’s staff are paid in full this month, with further money being made available to support the retailer’s ongoing trading.

Approximately 600 stores and more than 10,500 jobs are at stake as the company attempts to secure its future.

The latest extension follows a turbulent fortnight for the retailer, whose previous notice expired on Thursday, November 12.

Gordon Brothers has faced mounting criticism over its handling of the business, including concerns raised by MPs about access to funds and the potential impact on jobs.

The firm’s European boss, Mark Newton-Jones, was questioned by MPs on the House of Commons Business and Trade Committee on Wednesday, November 11.

The retailer’s board said its stores would remain open as usual while the latest extension provided additional time to identify the best possible outcome for its shareholders, creditors and employees.

Gordon Brothers has said it is in discussions with three potential buyers for the entire business, alongside receiving offers from established high street retailers for significant parts of the chain.

The American investment firm, which bought Poundland from Polish-owned Pepco Group for €1 in June 2025, has maintained that its preference is a sale of the whole company.

The Ivybridge store, at Unit 16, Erme Court, employs approximately a dozen people whose jobs are among those hanging in the balance.