19 November 2020
Peacocks and Jaeger, fashion chains owned by Edinburgh Woollen Mill, have gone into administration.
This comes after the owner group failed to find a buyer for the two brands.
4,700 jobs are now at risk.
17 October 2020
Edinburgh Woollen Mill Group announce that 600 jobs will go, along with 50 sites. The sites mainly affected are Peacocks and Edinburgh Woollen Mill branches, with this mostly hitting at shop-floor workers.
09 October 2020
Edinburgh Woollen Mill Group, who own Peacocks and Jaeger brands has filed a notice to appoint administrators.
24,000 jobs are at risk.
This comes amid the difficult retail trading environment from coronavirus.
CEO, Steve Simpson said:
‘’This situation has grown in recent weeks as we have had to deal with a series of false rumours about our payments and trading which have impacted our credit insurance. Traditionally, the group has always traded with strong cash reserves and a conservative balance sheet but these stories, the reduction in credit insurance – against the backdrop of the lockdown – and now this second wave of Covid-19 and the local lockdowns, have made normal trading impossible’’.
‘’As directors we have a duty to the business, our staff, our customers and our creditors to find the very best solution in this brutal environment. So, we have applied to court today for a short breathing space to assess our options before moving to appoint administrators.’’
‘’Through this process I hope and believe we will be able to secure the best future for our businesses, but there will inevitably be significant cuts and closures as we work our way through this.’’
‘’I would like to thank all of our staff for their amazing efforts during this tie and also our customers who have remained so loyal and committed to our brands.’’