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UK apparel retail chain Peacocks may leave Ukraine
23 Feb '12
1 min read
Peacocks, the Cardiff, UK-based apparel retail chain is considering closure of its Ukrainian franchise owing to low sales, Olga Yurieva, a representative of the firm in Kyiv, has said.
The brand opened its first store in Ukraine in 2005 and it currently has 10 outlets in the country.
In Ukraine, Peacocks brand is popular with students due to frequent discount sales that it offers at its stores, and relatively low prices of apparels.
Peacocks, founded in 1884 as Penny Bazaar by Albert Frank Peacock in Britain, has about 600 stores in the United Kingdom, in addition to 200 franchises worldwide.
In UK, Peacocks 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.
Administrators KPMG are currently working to secure the best possible deal from amongst the six bidders to buyout the firm.
The brand opened its first store in Ukraine in 2005 and it currently has 10 outlets in the country.
In Ukraine, Peacocks brand is popular with students due to frequent discount sales that it offers at its stores, and relatively low prices of apparels.
Peacocks, founded in 1884 as Penny Bazaar by Albert Frank Peacock in Britain, has about 600 stores in the United Kingdom, in addition to 200 franchises worldwide.
In UK, Peacocks 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.
Administrators KPMG are currently working to secure the best possible deal from amongst the six bidders to buyout the firm.
Fibre2fashion News Desk - India
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