More than 3,000 jobs go at Peacocks

KPMG ADMINISTRATORS have closed more than 200 stores at collapsed retailer Peacocks, resulting in 3,100 redundancies.

The fashion house appointed KPMG partners Richard Fleming, Chris Laverty, Ed Boyle and Joff Pope earlier this year.

At the time of its collapse Peacocks had a portfolio of about 611 stores and 49 concessions across the UK and Ireland - employing about 9,600 staff.

Today the administrators have confirmed that 224 stores will cease trading immediately, resulting in 3,100 redundancies and a further 16 redundancies at the Cardiff headquarters.

However, the team has managed to save about 6,000 jobs through a sale to family-owned business Edinburgh Woollen Mill.

The Peacocks brand, 388 stores and concession as well as the business' headquarters and logistics function in Wales has been sold to Edinburgh Woollen Mill, one of the UK's largest high street chains.

Laverty said: "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.

"Like many other retailers, Peacocks suffered from a decline in consumer spending due to the tough economic conditions and this, combined with a surplus of stores and unsustainable capital structure led to the business becoming financially unviable.

A division within Peacock, Bonmarché, which has about 3,800 staff is not in administration and continues to trade.