Jobs saved in Peacock’s store rescue

OLDHAM’S town centre Peacocks store has won a last-minute reprieve in a new deal announced with Edinburgh Woollen Mill.

All 10 jobs in the Spindles shopping centre shop have been saved, although 3,100 jobs have been axed from 224 stores across the country which have been closed with immediate effect.

The future of the Oldham store hung in the balance after clothing chain Peacocks went into administration in mid-January.

Administrators KPMG told the Chronicle yesterday that the Oldham store had been saved after the ailing fashion chain was sold out of administration.

The deal with Edinburgh Woollen Mill will save 388 shops in total, and more than 6,000 jobs. Chris Laverty, joint administrator at KPMG, said: “Yesterday’s deal ensures the continued trading of a well–known name on the high street.

“While it is unfortunate that redundancies have been necessary, we are pleased that we have been able to preserve the majority of the business and jobs.”

Edinburgh Woollen Mill, which has 380 stores, will keep the Cardiff headquarters of Peacocks.

Peacocks collapsed under a mountain of debt last month in the biggest retail failure since Woolworths, placing 7,500 jobs in jeopardy.

Edinburgh, which beat off Indian textile and clothing giant S Kumars Nationwide, said it would attempt to save some of the stores and jobs which were lost yesterday.