Clothing giant Peacocks gets support from owner Edinburgh Woollen Mill
SCOTTISH clothing giant Edinburgh Woollen Mill (EWM) has helped once troubled chain Peacocks regain its strength after buying the group out of administration.
EWM stepped in to save 6,000 retail jobs after agreeing to buy Peacocks for an unclosed sum after the company called in administrators in January.
Over the past 12 months it is understood EWM has taken on more than 1,000 additional staff at Peacocks and opened 45 stores across the UK.
Retail experts say EWM has saved Peacocks, which runs a store on Oxford Street in Swansea, by going back to basics.
The news comes as administrators Deloitte continue to search for a buyer for troubled chains HMV and Blockbuster which both went into administration this week.
At the time it collapsed under its original ownership Peacocks had 611 stores and 49 concessions across Britain employing around 9,100 people.
Shortly after buying the business out of administration EWM chairman and chief executive Philip Day said: “As you can imagine, there will be a considerable amount of work to undertake over the next few months to stabilise the situation, turn this business around, get the supply chain moving again and excite the customers with great products.”
High street banking giants Barclays and Santander agreed to help EWM with funding for the acquisitions of Peacocks