Home / Knowledge / News / Apparel/Garments / RBS opts out of saving UK apparel retailer Peacocks
RBS opts out of saving UK apparel retailer Peacocks
19
Jan '12
The Royal Bank of Scotland (RBS) has withdrawn from the talks to rescue UK's retail fashion clothing chain Peacocks, putting around 13,000 jobs on stake.

Peacocks started in 1884 as a 'penny bazaar' and now operates over 700 outlets in the UK and abroad.

Withdrawal of the RBS from negotiations has compelled the retail chain to declare that it would place itself under administration if it does not get new investors within the next 10 days.

RBS withdrew from the talks with the directors of the retail firm after not agreeing to settle the retailer's debts against a stake in the business.

The retailer was trying to agree on new terms for £ 240 million of its £ 600 million debt. Peacocks owes over £ 100 million each to the RBS and Barclays.

While RBS has opted to withdraw from talks aimed at reworking the debt, Barclays has shown its readiness to support the retailer's revival, mainly swayed by the encouraging trading figures that the retail chain has posted over the past some time.

Peacocks is soon likely to close a deal for sale of its Bonmarché arm, which operates 200 stores with around 3,000 employees. However, efforts to find a buyer for rest of the business has not yet been successful, but Peacocks board members are still negotiating the same with potential buyers.

Several high street ventures have failed in recent times including Focus DIY and lingerie group La Senza. However, the fall of Peacocks would be the biggest retail collapse after the closure of Woolworths three years back.

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 25th Sep 2017

SVP Group to build $300 mn spinning plant in Sohar

ShriVallabh Pittie Industries (SVP) Group, a diversified yarn...

Apparel/Garments | On 25th Sep 2017

Vietnam textile sector to gain if EU FTA gets ratified

Experts feel the Vietnam-European Union (EU) free trade agreement...

Courtesy: Business Wire

Textiles | On 25th Sep 2017

Invista to use ADN technology at joint project in France

Invista, a leading producer of chemical intermediates, polymers, and...

Interviews View All

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Top executives
Textile industry, India

The event should be organised every year

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search