Deathwatch: Peacocks and Past Times call in the administrators
It had been speculated over the last few days that both chains would be making the dreaded move, and Peacocks (the larger of the pair) called in the administrators having failed to restructure £240m worth of debt. They have said that talks with potential investors are ongoing and that a potential buyer for their Bon Marche chain is in place.
As for Past Times, the purveyors of olde worlde goods, they have already closed 46 stores and made over 500 workers redundant, but it wasn’t enough to save them. Those stores that are still open will enter a ‘closing-down mode’ with ‘significantly discounted stock’. It seems as though they are still trying to sell the business as a going concern, but to be honest it looks as though the company will disappear for good sooner rather than later.