Peacocks stores' futures in doubt after administration move
A chain of fashion stores, including one in Spalding, faces an uncertain future after its parent company placed it into administration today (Thursday).
Talks to find a buyer for Peacocks, currently owned by Edinburgh Woollen Mill (EWM), have so far proved unsuccessful and has resulted in today's announcement that administrators have called in to try and secure the retailers' future.
Peacocks, together with fellow fashion retailer Jaeger which is also now in administration, currently employs nearly 4,400 staff across 423 stores in the UK.
An EWM spokesman said: "In recent weeks we have had constructive discussions with a number of potential buyers for Peacocks and Jaeger Ltd.
"But the continuing deterioration of the retail sector, due to the impact of the pandemic and second lockdown, have made this process longer and more complex than we would have hoped.
"While those talks are ongoing, we no longer have an option to extend the standstill agreement originally imposed by the High Court six weeks ago any further.
"Therefore as directors we have taken the desperately difficult decision to place Peacocks and Jaeger into administration while those talks continue.
"We will continue to do all we can to support (adminsitrators) FRP Advisory in trying to secure the best outcome possible for these businesses."
No redundancies or store closures have been announced at this time and Tony Wright, joint administrator and partner at FRP, said: "Jaeger and Peacocks are attractive brands that have suffered the well-known challenges that many retailers face at present.
"We are in advanced discussions with a number of parties and working hard to secure a future for both businesses."
FRP Advisory added that another fashion retailer Bon Marche, which has a store in Bridge Street, Spalding, is not included in the Peacocks' administration process.