Thursday, 19 January 2012


The troubled fashion retailer Peacocks is set to axe more than 200 staff, its administrators KPMG have announced. Just 24 hours after the company went into administration, KPMG said 249 workers at its headquarters in Cardiff were going to lose their jobs. The administrators said the cuts follow "a commercial review of the staffing levels of the business." Chris Laverty, from KPMG, said: "No stores have been closed and will continue to operate as normal whilst we actively search for a buyer for the business." 266 staff will remain at the head office and work with the administrator while a buyer for the company is found. Peacocks has 611 stores and 49 concesssion in the UK Peacocks entered administration after apparently failing to persuade its lenders to agree to a debt-for-equity deal. The fashion chain, which has 611 stores and 49 concessions across the UK, is owned by hedge funds Och-Ziff and Perry Capital. Its like-for-like sales rose 17% over the Christmas period and the company said it was benefiting from its ability to react quickly to fashion trends. Bonmarche, which is also owned by the Peacock Group, has not yet entered administration but filed a notice of intention to appoint administrators on Monday. It employs 3,800 staff and operates some 394 stores in Britain.



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