We're on Google+
Search
Tag Cloud
Accessories Amazon Asda Christmas Department Store Fashion High Street John Lewis London Marks & Spencer Media News Retail Retail news Sainsbury's Store Tesco UK apple brand burberry chain china clothes consumer deal deals and rumours e-commerce ecommerce electricals expansion facebook fashion news food grocer group jewellery launch luxury morrisons my online online retail profit property retailer sale sales supermarket waitrose
Peacocks sold to Edinburgh Woollen Mill Wednesday, 22nd February 2012
Peacocks has been sold to Edinburgh Woollen Mill, saving 6,000 jobs, but around 3,100 staff will be made redundant.
The deal includes 338 stores, 57 concessions, three distribution centres and the head office.
224 stores have ceased trading with immediate effect.
Joff Pope, joint administrator and associate partner at KPMG, who handled the sale process, said: “While it is unfortunate that redundancies have been necessary, we are pleased that we have been able to preserve the majority of the business and jobs”.
Peacocks had formerly employed around 9,000 staff in 611 stores and 49 concessions across the UK.
The budget fashion chain slipped into administration last month after having failed to restructure a key £240 million of its total £750 million debt pile.
Philip Day, chairman and chief executive of the Edinburgh Woollen Mill Group, based in Langholm in Scotland, told the BBC: "We look forward to working with our new colleagues to rebuild the business in what is a very tough economic environment for High Street retailers in the UK."
Related Stories
Posted in Deals and Takeovers, fashion Tagged PEacocks, Edinburgh Woollen Mill, Deals & Rumours, Fashion, my, retail, media, news
