Peacocks Gainsborough branch saved from closure
By GbroPeople | Thursday, February 23, 2012, 11:38
Gainsborough's branch of Peacocks will remain open after the retailer was rescued by Edinburgh Wollen Mill.
The Gainsborough branch of Peacocks has been saved from closure after the chain was sold to Edinburgh Woollen Mill
The future is uncertain for Gainsborough's Bon Marche store however, with closures looming following the sale of the chain to a private equity firm
Despite over 200 of the chain's outlets being closed following yesterday's takeover, the town's store has been saved, and Gainsborough People understands that it will retain the current name and branding.
Administrators were called in at the Cardiff based firm after they failed to restructure their debts, which totalled some £750m.
However Joff Pope, associate partner at administrators KPMG, said yesterday's deal would ensure the continued trading of a well known name on the high street.
Speaking to the BBC, Pope said, "While it is unfortunate that redundancies have been necessary, we are pleased that we have been able to preserve the majority of the business and jobs."
Market Street-based Bon Marche - who were also part of the Peacocks Group - were sold to a private equity firm Sun European Partners shortly after the administrators were called in.
While the Gainsborough branch of the Huddersfield-based retailer was purchased as part of the initial deal, it is understood that a further 160 stores will be closed in the near future, leading to around 1,400 redundancies.
No date has been set for the announcement of the future of the Gainsborough branch.