Peacocks rescued from administration, 2,000 jobs saved
The chain was previously part of the Edinburgh Woollen Mill (EWM) Group, which collapsed last November after its owners failed to secure a buyer for the brands before a set deadline
Peacocks has reportedly been rescued out of administration in a move that will save 2,000 jobs and 200 of its 400 stores, according to Sky News.
The fashion business has been saved by an international consortium, led by former chief operating officer, Steve Simpson.
The chain was previously part of the Edinburgh Woollen Mill (EWM) Group, which collapsed last November after its owners failed to secure a buyer for the brands before a set deadline.
Simpson reportedly hopes to reopen the stores once non-essential retailers are allowed out of lockdown.
In a statement reported by the BBC, FRP Advisory said that the chain collapsed due to “the devastating effects of the Covid-19 lockdown” on the business.
It added the company hoped that its 1,850 store staff, who are currently on furlough, will be able to return to work once stores reopen, along with more than 150 in head office and support.
Other EWM brands such as Bonmarche benefited from a similar deal with international investors while Jaeger was acquired by Marks & Spencer, which reportedly will run it as an online business.
Retail Sector has contacted FRP Advisory for further comment.
