FRP Advisory, the administrators of Edinburgh Woollen Mill (EWM), has, reportedly, sent sales contracts to its future buyer.
If and when the sale happens, it could end up saving hundreds of jobs at EWM.
EWM, as per media reports, has accepted a rescue deal; however, the deal is expected to save a very small number of EWM’s 400 stores.
Here it is important to state that when EWM fell into administration, it permanently shut down 56 of its stores along with 8 Ponden Home stores that hit over 860 jobs and put another 1,821 jobs at risk.
Meanwhile, there are talks that fashion giant Marks & Spencer is almost set to acquire Jaeger, which was earlier owned by EWM. However, there’s no official confirmation on the same.
Once more details are out regarding the deal, we will update the same here.
Notably, EWM, at the time of administration, owed more than £50 million to its unsecured creditors, which include suppliers and landlords as well.
Also Read: EWM fell into administration owing over £50 million to creditors
