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Prospects brighten for reopening of 75 Peacocks stores
28
Feb '12
Prospects for revival of Peacocks clothing chain are getting better as Langholm-based Edinburgh Woollen Mill (EWM) is mulling a bid on buying another 75 Peacocks outlets which it can re-open, pursuant to the plans to re-establish the chain to its previous glorious position.

A few days back EWM owner, Philip Day, brought 338 Peacocks outlets out of administration and saved 6,000 jobs. However, around 3,100 jobs were lost due to closure of another 224 outlets.

At that time, Day said he is considering a proposal to buy some more closed outlets. Now it has transpired that around 75 outlets could be re-started if EWM successfully strikes a rent deal with the property-owners.

If the deal materializes, it could prove to be a major lift, particularly for the Scottish part of the business, as otherwise only 15 of the 45 Peacocks outlets in the north form a part of Day's rescue deal.

The EWM owner said that over a period of five years, he would like to reinstate the Peacocks chain at a level even higher than it was prior to slipping under administration. Moreover, he also voiced plans for global expansion and overhauling web presence of the brand.

In 2002, Day procured EWM in a management buy-in at a price of £67.5 million, following which now alongside his family business he also owns the company. Next, he procured home furnishings chain Ponden Mill and linen shop Roseby's and merged them to create Ponden Home in 2010.

Not stopping at this, in June 2011 he purchased fashion chain Jane Norman out of administration, but could not succeed in striking a deal to acquire outdoor clothing and equipment retailer Blacks.

Fibre2fashion News Desk - India


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