Buy-out plan offers glimmer of hope for closure threatened Fife shops
A management buy-out (MBO) proposal has been submitted to the administrators of the fashion retailer - and, if successful, has the potential to prevent UK-wide store closures and save almost 5000 people from redundancy.
The new bid has come from a senior eCommerce manager at Peacocks Stores Ltd in conjunction with a private investor, following last month’s announcement that Peacock’s parent company, EWM Group, had placed the company into administration.
The bidders want to purchase the full company, its employees and stores, and also promise to strengthen Peacocks digital offering.
Peacocks Stores Ltd- based in Cardiff - employs 4,908 staff and has 470 stores and concessions across the UK.
A representative from the MBO said it was confident that with the right investment, it can chieve a quick return to financial sustainability.