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Edinburgh Woollen Mill saved in deal, 1500 jobs protected

16
Jan '21
Pic: Edinburgh Woollen Mill
Pic: Edinburgh Woollen Mill
A deal recently saved collapsed UK retail company Edinburgh Woollen Mill (EWM). Two hundred and fifty stores and 1,500 jobs will be protected as a result. Retailers Edinburgh Woollen Mill, Ponden Homes and Bonmarche, owned by Philip Day’s EWM Group, will be sold to a consortium of international investors, according to a top UK English-language daily.

Dubai-based businessman Day's Jaeger will be taken over by Marks & Spencer in a separate agreement.

The new owner will operate under licence across both brands, saving 1,347 shop workers, 72 employees at head office and a further 34 jobs at the company's Carlisle distribution centre.

However, 85 Edinburgh Woollen Mill and 34 Ponden Home stores have been permanently closed as part of the agreement. Another sister brand of EWM, fashion chain Peacocks, remains in administration.

EWM will continue to be controlled by Day with new investors repaying him the money owed as a secured creditor. Unsecured creditors, including landlords and suppliers, are unlikely to get back any money owed.

In November high street chains Edinburgh Woollen Mill and Ponden Home collapsed into administration with 866 jobs axed. A total of 64 stores—56 Edinburgh Woollen Mill and eight Ponden Home—permanently closed.

The remaining 328 EWM and 65 Ponden Home stores continued to trade under pandemic-induced restrictions, while a buyer was sought.

Fibre2Fashion News Desk (DS)


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