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Six buyers bid for collapsed apparel retailer Peacocks
07
Feb '12
There are six bidders lined up to purchase the collapsed apparel retail chain Peacocks, which employs about 7,500 people.

In the second round of bidding, administrators KPMG will provide these bidders access to the financial position of Peacocks. The bidders would have to reveal how many stores they are willing to procure and at what price.

The administrators will secure the best possible deal, if more than one company bids for taking up Peacocks stores. This might also result in bidders increasing their offers. On the other hand, it is also possible that there might not be any bids to proceed further.

Peacocks started in 1884 as a 'penny bazaar'. Subsequently, the business was moved to Cardiff in 1940. Then the business expanded in the 1990s and was listed on the London Stock Exchange (LSE) in 1999.

The Group then acquired retailer Bonmarche in 2002. In 2006, the company got de-listed and again became a privately-owned business. In 2008, the firm crossed the 500 stores mark.

Currently, the chain operates 563 outlets and 48 concession stores. It collapsed last month due to mounting debt, putting the jobs of 7,500 persons employed with Peacocks at stake.

Fibre2fashion News Desk - India


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