THE Peacocks store in Banbridge is closed with immediate effect, with the loss of 10 jobs.
The Peacocks Group’s sale to Edinburgh Woollen Mill was announced today. The closure follows the announcement last month that Bonmarche - previously owned by the Group - is to close it’s Newry Street store also.
Eight people will lose their jobs when Bonmarche shuts its doors.
Edinburgh Woollen Mill, which is one of the UK’s largest high street chains, has acquired the Peacocks brand, 388 stores and concessions, as well as the business’ headquarters and logistics functions in Wales. The deal has protected around 6,000 jobs in the UK.
The remaining 224 stores were not included in the sale and have ceased trading with immediate effect, resulting in 3,100 redundancies.
Chris Laverty, joint administrator and restructuring partner at KPMG, said, “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. I would take this opportunity to thank the management team and staff for their continued assistance in very difficult circumstances; their support has been invaluable in securing today’s sale.”