Deathwatch/Lazaruswatch: Peacocks saved, but at a price
It’s the end of a saga that has dragged on for weeks but there’s some good news for Peacocks, the fashion retailer that was plunged into administration recently. The chain has been bought by Edinburgh Woollen Mill, meaning that a complete closure has been averted.
But it’s not all good news. Even though Peacocks won’t be liquidated, there will still be cuts, with 224 stores closing, and 3,100 redundancies across the chain. BUT, the buyout means that 388 stores will be saved, with 6,000 staff saved from the ever-lengthening dole queue.
Chris Laverty, at administrator KPMG said: “Today’s deal ensures the continued trading of a well known name on the high street.” Amen to that.