Poundland set for more time to secure a rescue deal as emergency talks continue

Poundland and its 11,000 employees are hopeful that the retailer's impending collapse can be delayed to allow time for a last-minute rescue deal.

The discount chain has been edging towards administration after being blocked by its owners from accessing cash in its bank accounts.

A deadline to secure a buyer for the business is set to expire at midnight, but sources close to the situation have told the BBC that they expect more time will be given, thanks to the release of £10m in funding.

A committee of MPs is set to question Gordon Brothers, Poundland's US owners, on Wednesday following accusations that the investment firm hopes to profit from selling off Poundland's 600 stores and stock piecemeal.