Staff 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 UK’s 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.”
Chris 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 today’s successful sale.”
Burnham-On-Sea.com reported here last month that there were fears the store in Burnham High Street might close.
