Peacocks rescued out of administration

The deal, that was made and finalised back in January includes: 338 stores, 57 concessions, three distribution centres and the head office, but unfortunately ceasing 224 stores.

The deal, also, is hoped to ensure that Peacocks continues it’s trading with other well known high street names.

Joff Pope, a joint administrator, 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,” As Peacocks has, in previous years, employed up to 9,100 people across Britain.

Pope also, blamed the way Peacocks suffered on the current tough economic conditions worldwide and in the UK, but then proudly added that their “…strong brand presence and loyal customers following” meant that Peacocks gained a great deal of interest from bidders in every trade.

Phillip day, the chairman and chief executive of Edinburgh Woollen Mill commented of their new partnership and deal with Peacocks saying: “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.”