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UK: Poundland considers 99p deadline extension

By  |  April 15, 2015

Poundland is expected to ask for an extension tomorrow over its decision on whether to walk away from its £55 million tie-up with 99p Stores or proceed with a full-scale probe by the competition watchdog.

The Competition and Markets Authority said last week that it had concerns over 92 areas where it believes there could be “a realistic prospect of less competition” and called for a “phase two investigation”.

The bargain chain has until tomorrow to make a decision. However, chief executive Jim McCarthy said yesterday that the retailer is likely to ask for the deadline to be extended.

“If we decide to go with phase two then I think that is the time to share with them our thinking and to persuade them that their original findings are incorrect. But that is only one of the options. We haven’t decided where we are going to go yet,” McCarthy said.

 

Full Content: City A.M.

 

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