Retailer rescued

Peacocks jobs saved under deal led by EWM executive

Peacocks: reopening

Collapsed fashion chain Peacocks has been rescued, with 2,000 jobs saved and at least half of its high street shops.

Administrators confirmed that 200 of the 400 stores have been rescued by a senior executive with support from a consortium of Dubai-based investors.

Steve Simpson, the chief operating officer of Peacocks’ sister company Edinburgh Woollen Mill (EWM), agreed the deal amid on-off interest from Sports Direct tycoon Mike Ashley since Peacocks collapsed last November.

Mr Ashley is asking MPs to investigate the handling of the sale.

A statement from the administrators, FRP, said the collapse of the chain was due to “the devastating effects of the Covid-19 lockdown” on the business.

The statement added the company hoped all 1,850 store staff, who are currently on furlough, will be able to return to work once stores reopen, along with more than 150 in head office and support.

A similar deal was set in place with EWM and Bonmarche brands, while another of EWM’s brands, Jaeger, was sold to Marks & Spencer, which intends to run it as an online-only business.

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