The UK's Poundland chain will press ahead with shop closures after it was saved from collapse just days before running out of money.

The group has stayed afloat after a restructuring plan was approved by a judge at the High Court yesterday.

Barristers for the discount retailer had warned it would collapse into administration by Friday and was set to run out of money by September 7 if the plan was not approved.

The scheme will see up to £60m of funding injected into the business, which was founded in Burton upon Trent, Staffordshire, in 1990.

And it means it will forge ahead with store closures that had already been announced. It has already closed 40 shops this summer, with another 28 to shut in the coming weeks.

It was sold by Pepco Group to Peach Bidco, a subsidiary of private equity firm Gordon Brothers, for £1 in June.

Retail expert Jonathan De Mello at JDM Retail said: "Poundland has lost its way over the past few years."

Poundland discount store in Huddersfield, West Yorkshire, UK. (Pic: Getty Images)