Poundland restocks shelves as it talks to three possible buyers

Poundland's US owners have released funds that allow the discount chain to restock its shelves on a temporary basis, while it holds talks with the UK government and potential buyers.

The restocking effort, which Poundland called "Operation Gloria", saw about 16 million grocery items dispatched to 600 shops in the UK and Ireland over the weekend. The name refers to Gloria Gaynor's song "I Will Survive". In a social media video, the company showed pallets of Yorkshire Tea and Pot Noodles moving from depots to shelves, set to the track. Poundland's rescue hopes rest on tea and noodles reported the details of the campaign.

The funding comes amid a dispute over the chain's ownership. Gordon Brothers bought Poundland from the Polish retail group Pepco for a nominal £1, a token sum. Documents provided to MPs showed that the firm had taken close to £20 million in interest payments and fees since acquiring the business, including store-closure fees.

Liam Byrne, chair of the business select committee, a group of MPs that scrutinises the work of a government department, likened Gordon Brothers to "the wolf of Wall Street, on the British high street". Gordon Brothers has agreed to unlock £21 million of the £50 million it had been accused of withholding from Poundland.

The chain's situation is also a legal one. Poundland has filed a notice of intention to appoint administrators, a formal step that can lead to a company being run by an insolvency professional while it seeks a buyer or a rescue. The filing puts 12,000 staff and about 2,000 suppliers in uncertainty. The High Court has extended the chain's legal protection from creditors, meaning they cannot pursue it for debts during that period, until 26 November so that it can find a buyer.

Poundland said it is in discussions with three potential buyers. Business secretary Jonathan Reynolds plans to meet Poundland and Gordon Brothers before the deadline.