Primary links
Peacocks are in trouble. The value retail fashion chain entered administration half way through January of this year after falling into £240m of debt. I was quite surprised (but not particularly saddened) as Peacocks do seem to offer what the masses want – fast fashion at cheap prices.
My local Peacocks store is hideous, it is very much neglected and the staff don’t have a clue. The one in the city however, is quite new and shiny and well laid out. I thought Peacocks were fairly on the ball with their product offering, but I can see that they might not attract the fashion crowd as much as H&M or Primark.
Sadly, 249 staff at Peacocks head office lost their jobs last month – that’s nearly half of the team. Peacocks stores remained open but wouldn’t except refunds or gift cards (as a friend of mine found out). A petition to save Peacocks, devised by staff and customers has now gathered 27,000 signatures, so clearly there is a lot of love out there for the store.
When Peacocks fell into administration, chief executive Richard Kirk issued a statement thanking staff. He said, "Peacocks is a brand with great heritage, and it is with deep sadness that we have been left with no other option but to place the business into administration. We have worked tirelessly over the past year to agree a new financial structure to take the business forward in the current, tough retail environment, including seeking new investment for the business”.
There has been a lot of interest in the business, with four serious parties making it through to the second round of bidding. Edinburgh Woollen Mill was one such party who showed a strong interest in the brand, but has this week pulled out of talks. Edinburgh Woollen Mill might not seem the obvious choice but their business is doing well, and they do also own fast fashion retailer Jane Norman.
So will Peacocks survive? Watch this space.
