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06 Apr 2021 | 09:26

Peacocks rescue deal agreed, 200 stores saved

(Sharecast News) - Fast fashion retailer Peacocks has been rescued, it was revealed on Tuesday, although half of its physical stores would be shuttered under the deal. Administrators confirmed that Edinburgh Woollen Mill chief operating officer Steve Simpson had agreed the deal, with backing from a consortium of Dubai-based investors.

Under the agreement, Simpson's group would take on 200 of Peacocks' 400 shops, and 2,000 staff, Sky News reported.

Peacocks fell along with the other remaining parts of Edinburgh Woollen Mill in November, with another brand in the stable - Jaeger - being purchased by Marks and Spencer in January.

Other parts of the group, including Bonmarche and the Edinburgh Woollen Mill brand itself, had already been sold to a different Steve Simpson-controlled vehicle.
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