UK: Peacocks bought out of administration

Wednesday, February 22, 2012
2:53 PM

MORE than 3,000 jobs have been lost after a fashion retailer was sold out of administration.

Peacocks has been sold to Edinburgh Woollen Mill and will save 388 shops and more than 6,000 jobs but administrators from KPMG said it had been forced to close 224 stores with immediate effect, leading to 3,100 redundancies.

Chris Laverty, joint administrator at KPMG, said: “Today’s deal ensures the continued trading of a well-known name on the high street.

“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.”