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Peacocks employees appeal for retail chain's rescue
16 Feb '12
2 min read
Over 9,000 employees at Peacocks, the Cardiff-based fashion retailing chain that collapsed last month, have urged administrator KPMG to save the beleaguered firm from falling prey to recession, as it struggles to find a buyer for the indebted firm.
The staff at the company, who call themselves “Peacockers”, are still in a dilemma about their future in the company. They have requested the rescuers to not to dissolve the group, and to retain its headquarters and distribution centre at Wales.
More than 27,000 people have signed an online "Save Peacocks" petition, while a Facebook page voicing the strife of the shop workers, who describe their daily struggle to sustain stock levels and ensure deliveries from suppliers, while the retailer grapples for sustenance, has won support of 15,000 people.
In a letter forwarded to KPMG, the workers voiced their helplessness as they wrote that they as citizens, taxpayers belong to average working class, with many of them being youngsters, drawing just the national minimum wage, may not get a new job for long, after losing the current one.
In event of revival of the firm, the workers also petitioned for two seats on the board for their representatives. Also, they greatly disapproved of the company's heavy liabilities, and added that no prudent retail store manager would submit to the notion that such excessive debt could be reasonably settled.
The retailer was compelled to go into administration last month after a complex debt-for-equity swap to streamline a debt pile of £240 million with 18 lenders failed. Royal Bank of Scotland backed out from supporting the deal, and the retailer failed to find new investors willing to inject further funds into the company.
Two weeks back, the administrators laid-off 249 employees at the retailer's Cardiff head office.
The staff at the company, who call themselves “Peacockers”, are still in a dilemma about their future in the company. They have requested the rescuers to not to dissolve the group, and to retain its headquarters and distribution centre at Wales.
More than 27,000 people have signed an online "Save Peacocks" petition, while a Facebook page voicing the strife of the shop workers, who describe their daily struggle to sustain stock levels and ensure deliveries from suppliers, while the retailer grapples for sustenance, has won support of 15,000 people.
In a letter forwarded to KPMG, the workers voiced their helplessness as they wrote that they as citizens, taxpayers belong to average working class, with many of them being youngsters, drawing just the national minimum wage, may not get a new job for long, after losing the current one.
In event of revival of the firm, the workers also petitioned for two seats on the board for their representatives. Also, they greatly disapproved of the company's heavy liabilities, and added that no prudent retail store manager would submit to the notion that such excessive debt could be reasonably settled.
The retailer was compelled to go into administration last month after a complex debt-for-equity swap to streamline a debt pile of £240 million with 18 lenders failed. Royal Bank of Scotland backed out from supporting the deal, and the retailer failed to find new investors willing to inject further funds into the company.
Two weeks back, the administrators laid-off 249 employees at the retailer's Cardiff head office.
Fibre2fashion News Desk - India
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