Poundstretcher will “likely have no choice” but to file for administration if a restructuring plan is not approved, the High Court has heard. The discount retailer, which has almost 300 stores and 3,000 staff across the UK, was bought by US investment firm Fortress, which also owns Majestic Wine , in 2024 for an undisclosed sum. In March, the company revealed plans to ask landlords to slash rents across its store estate as it looked to secure its long-term future, but insisted it would not be shutting shops or cutting jobs. At a hearing on Wednesday, lawyers for the company said that if a restructuring plan was not approved, it would have “insufficient funds” to meet its funding need of £2.8 million which is due in the week beginning June 28. This sum would increase to £9.7 million in the week commencing July 26. In written submissions, Tom Smith KC, for Poundstretcher, said: “In those circumstances, the directors of the plan company will likely have no choice but to file for administration.…