Peacocks stores and 2,000 jobs across UK saved after buyer found
The fashion chain was part of the Edinburgh Woollen Mill empire which entered administration in November, 2020.
Updated
Two hundred Peacocks stores have been saved from permanent closure (Image: Getty Images)
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Collapsed fashion chain Peacocks has been saved by a senior executive with backing from an international consortium, it has been announced.
Chief operating officer Steve Simpson will take over the business, saving 2,000 jobs and 200 stores, which he hopes to reopen once lockdown restrictions on non-essential retailers ease.
The chain was part of retail mogul Philip Day’s Edinburgh Woollen Mill (EWM) fashion empire which collapsed in November last year.
Mr Day was the biggest creditor of Peacocks and is owed money by the business he once owned.
Administrators FRP negotiated a deal with him by signing a deferred loan agreement between a consortium of investors and the businessman which will eventually see him get his money out of the company.
COLLAPSED fashion chain Peacocks has been saved by a senior executive with backing from an international consortium, it has been announced. Chief operating officer Steve Simpson will take over the business, saving 2,000 jobs and 200 stores, which he hopes to reopen once lockdown restrictions on non-essential retailers ease. It is unclear whether Peacocks in Birchwood Shopping Centre will reopen as part of the deal. The chain was part of retail mogul Philip Day s Edinburgh Woollen Mill (EWM) fashion empire which collapsed in November last year. Mr Day was the biggest creditor of Peacocks and is owed money by the business he once owned.