CEO Melanie Perkins says more than 1,000 staff will either lose their jobs or be asked to change roles.
The brand's 38 physical stores and online sites will continue to operate while receivers review its operations.
Most analysts are predicting an increase from 3.75% to 4%, the first increase in more than three years.
Pound reaches highest level against a basket of currencies since the Brexit referendum a decade ago
The billionaire's political action committee (Pac) contributed $47m (£35m) to Ken Paxton's campaign.
The new recipes mean cereal packaging will now include a 'contains wheat gluten' warning.
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One of Poundland's suppliers will lose millions if it collapses, while other suppliers have said they would go under.
The food deal, ahead of a UK-EU summit later this month, is the most significant part of the so-called Brexit reset agreed so far.