Peacocks enters administration
Budget clothing retailer Peacocks has gone into administration after chief executive Richard Kirk’s last minute attempts to save the business failed.
Administrators KPMG said in a statement yesterday that the 611 Peacocks stores would continue trading as usual while they looked for a buyer for the business as a going concern.
The administrators added that no stores had closed and that there had been no immediate redundancies. The company employs around 9,600 people.
The Peacock Group’s other retail business, the Bonmarché chain, has filed a notice of intention to appoint administrators. The notice, which was filed on 16 January, allows ten working days before the appointment of administrators. In the meantime, a buyer is being sought for the business.
Chris Laverty, joint administrator and restructuring partner at KPMG, commented: “Like many retailers Peacocks has suffered from tough economic conditions, which have seen its customers reduce their spending on the high street. This factor, combined with a surplus of stores and high overheads, led to the business becoming financially unviable in its current form.”
Richard Fleming, joint administrator and UK head of restructuring at KPMG, added: “We are actively seeking a buyer for the 611 stores and 49 concessions and encourage interested parties to get in touch.”
