Chief operating officer, Steve Simpson, will take over Peacocks. The action saves around 2,000 jobs and 200 stores, including in Acomb and Selby. He hopes to reopen once lockdown restrictions on non-essentials retailers ease.
Peacocks were one of the parts of retail mogul Philip Day’s Edinburgh Woollen Mill (EWM) fashion empire which collapsed in November last year. Mr Day was the biggest creditor of Peacocks and is owed money by the business he once owned.
Administrators FRP arranged a deal with him by signing a deferred loan agreement between a consortium of investors and the businessman. It will eventually see him get his money out of the company.
A similar deal was made with the EWM and Bonmarche brands. Mr Day’s other brand, Jaeger, was sold to Marks & Spencer, where it will become an online-only business.
The deal essentially sees the EWM brands, excluding Jaeger reformation under the old management led by Mr Simpson.
Mr Day will not be in control of the business and will hope to recover the cash he invested as a secured creditor through the deal. Unsecured creditors, including landlords, suppliers and the taxman, will lose out and are unlikely to get their money back. Based on the reports, Sports Direct tycoon Mike Ashley was also said to be interested in the Peacocks brand but failed to reach an agreement with him.
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