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A former senior executive has acquired the business five months after it crashed into administration. The buyer has rescued the chain, saving 200 stores and 2,000 jobs nationwide, with backing from a consortium of international investors. The high street retailer was once owned by Philip Day’s Edinburgh Woollen Mill (EWM) group. It is the last of the fashion empire to be saved following Marks & Spencer s acquisition of Jaeger earlier this year. The new owner will pick up the £70 million owed to unsecured creditors including suppliers and landlords. Edinburgh Woollen Mill, Ponden Home and Bonmarche, which has a store in Trowbridge, were rescued from administration in early January, in a complex deal with investment consortium Purepay Retail.
A former senior executive has acquired the business five months after it crashed into administration. The buyer has rescued the chain, saving 200 stores and 2,000 jobs nationwide, with backing from a consortium of international investors. The high street retailer was once owned by Philip Day’s Edinburgh Woollen Mill (EWM) group. It is the last of the fashion empire to be saved following Marks & Spencer s acquisition of Jaeger earlier this year. The new owner will pick up the £70 million owed to unsecured creditors including suppliers and landlords. Edinburgh Woollen Mill, Ponden Home and Bonmarche, which has a store in Trowbridge, were rescued from administration in early January, in a complex deal with investment consortium Purepay Retail.
The group was made up of five brands: Edinburgh Woollen Mill, Peacocks, Jaeger, Bonmarche and Ponden Home.
The Edinburgh Woollen Mill and Ponden Home chains collapsed into administration at the start of November, with Peacocks and Jaeger following suit a fortnight later. Bonmarche went into administration in December, the second time it had gone bust in 14 months.
Edinburgh Woollen Mill, Ponden Home and Bonmarche were then rescued in January by the syndicate of investors which has bought Peacocks.
Marks & Spencer bought Jaeger in the same month, taking it online-only, leading to the closure of 67 stores and the loss of more than 300 jobs.
Peacocks back in business and saved 2,000 jobs
Photo by: Peacocks/Facebook
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Peacocks, the British fashion chain, was on the brink of total collapse when a senior executive rescued it from the administration. The exec was able to secure investments from international investors; thus, 200 stores were able to open again.
As per The Daily Mail, aside from making it possible for its 200 stores to re-open, the investments also gathered 2,000 jobs. It was a dramatic save from a sure failure as the company was brought out of administration at the last minute.
How Peacocks was revived
As mentioned earlier, a senior executive found parties who are ready to invest. He was able to bring back Peacocks after getting the much-needed support from a consortium of international investors. His move effectively saved the company’s stores from permanent closure and sure termination of workers.