Peacocks proprietor on brink placing 24,000 jobs in danger

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Edinburgh Woollen Mill, proprietor of the Peacocks and Jaeger clothes manufacturers, stated it plans to nominate directors in an try to avoid wasting the enterprise.

The transfer places 24,000 jobs in danger amid what the corporate described as “brutal” buying and selling situations.

“Like each retailer, we now have discovered the previous seven months extraordinarily tough,” stated Edinburgh Woollen Mill chief govt Steve Simpson.

The shops will proceed to commerce as a assessment of the enterprise is carried out.

Edinburgh Woollen Mill (EWM), which is owned by billionaire businessman Philip Day, has 1,100 shops for its manufacturers which additionally embrace Bonmarché and Austin Reed.

Mr Day has a £1.14bn fortune in accordance with the Sunday Times Rich List.

He purchased Bonmarché out of administration in February. The deal ruffled some feathers, since Mr Day was its earlier proprietor and landlords and suppliers had been anticipated to forgive a few of its money owed.

“Significant cuts”

EMW stated it has filed a discover to nominate directors due, partly, to “the cruel buying and selling situations brought on by the affect of the COVID-19 pandemic”.

Mr Simpson stated: “Through this course of I hope and consider we can safe one of the best future for our companies, however there’ll inevitably be important cuts and closures as we work our means by means of this.”

EWM has appointed FRP to assessment the enterprise. The agency was additionally employed for the Bonmarché administration.

A spokesperson for FRP stated: “Our group is working with the administrators of quite a lot of the Edinburgh Woollen Mill Group subsidiaries to discover all choices for the way forward for its retail manufacturers, together with Edinburgh Woollen Mill, Jaeger, Ponden Mill, and Peacocks.”

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