Adds element LONDON, Nov 19 (Reuters) - British vogue chain
Adds element
LONDON, Nov 19 (Reuters) – British vogue chains Peacocks and Jaeger have fallen into administration, placing 4,716 jobs in danger and becoming a member of a rising listing of shops pushed over the sting by the COVID-19 disaster.
Tony Wright and Alastair Massey, companions at enterprise advisory agency FRP, had been appointed as joint directors to Peacocks and Jaeger on Thursday, FRP mentioned.
Peacocks, based mostly in Cardiff, Wales, operates 423 shops with 4,369 workers. London-based Jaeger has 76 shops and employs 347.
Their administration adopted the failure of efforts by administration to safe a solvent sale of each companies.
Each retailers are a part of privately-owned EWP Group.
No redundancies or retailer closures have been made on FRP’s appointment, it mentioned.
“Jaeger and Peacocks are engaging manufacturers which have suffered the well-known challenges that many retailers face at current,” mentioned FRP accomplice Tony Wright.
“We’re in superior discussions with various events and dealing onerous to safe a future for each companies.”
Even earlier than the pandemic, bricks and mortar clothes retail in Britain was dealing with a significant structural problem with the economics of working shops on conventional leases proving more and more troublesome.
Peacocks and Jaeger’s fall into administration follows that of Oasis, Warehouse and Laura Ashley earlier this 12 months.
Final Sunday, Arcadia, the Topshop-to-Dorothy Perkins vogue group managed by retail businessman Philip Inexperienced, denied a report it was about to enter administration.
(Reporting by James Davey; enhancing by Stephen Addison and David Evans)
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