Peacocks store saved from closure by new owners
at Burnham-On-Sea's Peacocks store breathed a sigh of relief on
Wednesday (February 22nd) when it was announced that the firm's
new owners have saved it from closure.
Edinburgh Woollen Mill, which is one of the UKs largest
high street chains, has acquired the Peacocks brand, plus 388
stores across the UK - including the one in Burnham High Street.
The remaining 224 Peacocks stores across the country which were
not included in the sale have ceased trading with immediate effect,
resulting in 3,100 job losses.
A spokeswoman at administrators KPMG told Burnham-On-Sea.com:
"I can confirm the Burnham store is on the list to continue
operating under the new owners."
Laverty, joint administrator and restructuring partner at KPMG,
added: "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."
"However, a strong brand presence and loyal customer following
meant that Peacocks attracted a great deal of interest from both
trade and private equity bidders, leading to todays successful
Burnham-On-Sea.com reported here
last month that there were fears the store in Burnham High Street