Tom Swarbrick 10pm - 1am
Thousands of jobs at risk as Peacocks and Jaeger fall into administration
19 November 2020, 16:11
Clothing chains Peacocks and Jaeger have fallen into administration, putting thousands of jobs at risk.
Both companies went into administration on Thursday after parent company EWM Group failed to find a buyer within a two-week deadline.
A spokesperson for the company said earlier this month that talks were ongoing with several potential buyers - but nothing was agreed before the fortnight was up.
No redundancies or store closures have yet been announced, with EWM saying it would do "all we can" to secure "the best outcome possible".
The spokesperson added: "In recent weeks we have had constructive discussions with a number of potential buyers for Peacocks and Jaeger Ltd but the continuing deterioration of the retail sector due to the impact of the pandemic and second lockdown have made this process longer and more complex than we would have hoped.
"While those talks are ongoing, we no longer have an option to extend the standstill agreement originally imposed by the High Court six weeks ago any further.
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"Therefore, as directors, we have taken the desperately difficult decision to place Peacocks and Jaeger into administration while those talks continue.
"We will continue to do all we can to support FRP Advisory in trying to secure the best outcome possible for these businesses."
Meanwhile, Tony Wright, the joint administrator of the business from FRP Advisory, said: "Jaeger and Peacocks are attractive brands that have suffered the well-known challenges that many retailers face at present.
"We are in advanced discussions with a number of parties and working hard to secure a future for both businesses."
Jaeger currently has 76 stores and concessions, and has 347 employees. Peacocks, however, has 4,369 staff in 423 stores.