Peacocks rescued by new buyer - but future of Halifax store still uncertain
A takeover of collapsed fashion chain Peacocks, which has a store in Halifax, is set to save 2,000 jobs and 200 stores - which it is hoped will reopen once lockdown restrictions are eased.
Chief operating officer Steve Simpson, with the backing of an international consortium, will take over the business, it has been announced.
The chain was part of retail mogul Philip Day's Edinburgh Woollen Mill (EWM) fashion empire which collapsed in November last year.
Mr Day was the biggest creditor of Peacocks and is owed money by the business he once owned.
Administrators FRP negotiated a deal with him by signing a deferred loan agreement between a consortium of investors and the businessman which will eventually see him get his money out of the company.
The company’s management team hopes to reopen up to 200 stores once non-essential retailers are allowed out of lockdown next week, saving 2,000 jobs.
It has not yet been revealed which outlets will reopen.
Although it has been announced that 200 stores will be saved, the retailer is reported to have more than 400 sites.
There is one store in Halifax located in Woolshops Shopping Centre.