Clothing retailer Peacocks has entered administration, after a proposed rescue deal headed by chief executive Richard Kirk collapsed.
The company, which also owns the Bonmarche brand, appealed for investment earlier this week after it was revealed it had debts of around £240m. However, talks between Mr Kirk and creditors including Barclays and the Royal Bank of Scotland subsequently broke down.
“Peacocks is a brand with great heritage, and it is with deep sadness that we have been left with no other option but to today place the business into administration,” Mr Kirk said in a statement to staff. “We have worked tirelessly over the past year to agree a new financial structure to take the business forward in the current, tough retail environment.”
The group currently employs more than 9,000 workers and it remains unclear as yet just how many jobs will be lost as a result. It is understood that Peacocks stores will stay open in the hope whilst efficiency savings are made in order to attract a buyer.
The announcement came after Arabian retail property operator Alshaya appointed CB Richard Ellis to manage its recently-acquired La Senza chain.
