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Thursday, 23 February 2012

Peacocks' stores bought out of administration

The Edinburgh Woollen Mill has emerged as the buyer of 338 stores belonging to the stricken Peacocks chain.  The remaining 224 stores will be closed with the loss of some 3000 jobs.

Private equity backed Edinburgh Woollen Mill was a surprise bidder for part of the chain.  Administrator KPMG had renewed talks with EWM in recent days after a potential £25m deal fell through with Pakistani textile billionaire Alshair Fiyaz, who was thought to be the sole bidder for the chain just last week.

The collapse of Peacocks was the largest retail failure since the demise of Woolworths.

This is a good result for Peacocks although the actual price paid was undisclosed so the return for creditors is not known at this stage.

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