The much-awaited 10-day extension period is over and Edinburgh Woollen Mill or EWM has finally fallen into administration.
On Thursday, FRP advisory partners Tony Wright and Alastair Massey were appointed as joint administrators to EWM brand.
There have been efforts over the last few months to appoint administrators to secure a solvent sale of the brand. And finally it happened.
Notably, EWM Group and its subsidiaries are not a part of the administration.
Before collapsing into administration, 56 EWM stores were shut permanently. The remaining 328 stores across the UK, as of now, will continue to trade.
While efforts continue to seek a buyer, people aware of the matter say that the probability of finding a buyer is bleak, which means over 1,800 jobs at EWM could be in danger.
It is important to note that that the EWM Group has been given an extension of 2 more weeks by the Court to continue meetings and negotiations with prospective buyers for its other esteemed brands like Jaeger and Peacocks.
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