Peacocks, the fast-fashion UK-based retailer, is now saved from administration!
The fashion retailer has been bought by an international investment consortium that is strongly backed by Edinburgh Woollen Mill’s Chief Operating Officer Steve Simpson.
Steve, reportedly, will soon take over Peacock’s business – if and when that happens, it will help save around 200 stores and, more importantly, 2,000 jobs.
With lockdown restrictions getting eased from next Monday (12 April), Steve hopes to reopen all the Peacocks stores.
Here it is important to mention that Peacocks was one of the most reputed brands of Edinburgh Woolen Mill before it collapsed into administration in November 2020.
2020 had witnessed Peacocks’ business struggle – all thanks to COVID-19 which eventually led to the fall of Edinburgh Woollen Mill. And Peacocks’ dismal online presence didn’t help the cause either!
The deal, notably, will witness all of the previous Edinburgh Woollen Mill brands (except Jaeger) reform under the old management led by Steve Simpson.
Jaeger was sold to British clothing giant M&S earlier this year.
Also Read: M&S seals Jaeger deal; its first in 17 years
There are also reports that Philip Day, once the owner of Peacocks, will no longer be in control of retailer’s business, but will surely try to recover the cash he had invested as unsecured creditor.
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