UK: Peacocks administrators axe 249 HQ jobs
The joint administrators in UK value clothing retailer Peacocks today (19 January) said 249 head office staff are to lose their jobs.
KPMG said that some 266 staff will remain at the head office and work with the administrators while a buyer is sought.
"It is with regret we have made 249 redundancies at Peacocks' head office in Cardiff, which follow a commercial review of the staffing levels of the business," said joint administrator and KPMG restrucuturing partner Chris Laverty. "No stores have been closed and will continue to operate as normal whilst we actively search for a buyer for the business."
Peacocks, which operates 611 stores, went into administration yesterday afternoon.
The Bonmarche business, which is also owned by The Peacock Group, has not gone into administration and continues to trade. It also filed a notice to appoint administrators on Monday, a move that gives it 10 working days before the appointment. A buyer is being sought for the business - with Sun Capital Partners reportedly the front-runner.
The chain is saddled with debts of about GBP240m (US$370m). It had been in restructuring talks for some time, but suffered a significant blow when principle banker RBS reportedly walked away from the discussions.
The number of high street stores entering administration shot up over the first quarter of this year, according to statistics from the Insolvency Service. ...
- DENIM DAYS: Jeans innovation bursting at the seams
- How will TPP emerge from fast-track trade bill?
- Adidas pushing self-governance for suppliers
- 3D printing gears up for fashion industry change
- US fashion industry applauds trade bills package
- China textile and garment firms eyeing Morocco?
- Under Armour hailed "next global athletic company"
- Myanmar garment workers strike deal
- Orta and Garmon launch denim chemical screening
- Gap’s woes “not so easy to fix”