UK discount giant Poundland - which has a store in Morecambe - has filed a notice of intention to appoint administrators.
The notice, filed in the High Court, will give the business 10 working days of breathing space from creditors to secure a potential rescue deal, as it stands on the brink of collapse.
The chain employs more than 10,000 people and trades from around 600 sites including from a shop in the Arndale shopping centre in Morecambe.
Poundland's Lancaster store, in Marketgate, closed in December 2025.
A statement from Poundland said the move to appoint administrators was made "in order to bring stability" and that they would be "working closely with our advisors to identify and deliver the best possible outcome".
"Our stores remain open as normal and we thank our staff, suppliers and customers for their continued support," said a spokesperson.
Poundland was put up for sale in August but said "despite enormous efforts it has not been possible to identify an acceptable offer for the business as a whole".
"The process has however attracted several established retail operators who have made formal offers, collectively these cover a significant part of the business, and we believe offer the best available prospects for shareholders, creditors and to preserve jobs."
Poundland was sold to investment firm Gordon Brothers in June 2025.
The company avoided entering administration after a restructuring plan was approved in the High Court in August 2025 - days before the company was due to run out of money.
Poundland was founded in 1990 and grew to become popular for selling all of its items at the single price point of £1, a policy long since abandoned.
Read more: Lancaster Poundland store set to close - Beyond Radio


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