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Peacocks saved, but 3,000 jobs go
2:48pm Wednesday 22nd February 2012 in Business Daily
© Press Association 2011
MORE than 3,000 jobs are to go after ailing fashion chain Peacocks was sold out of administration.
The deal with Edinburgh Woollen Mill will save 388 shops and more than 6,000 jobs but administrators from KPMG said it had been forced to close 224 stores with immediate effect, leading to 3,100 redundancies.
Chris Laverty, joint administrator at KPMG, said the 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."