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City centre store saved

The manager of a Newry store which was on the brink of closure has thanked customers for all their support during the uncertain time. The Peacocks chain went into administration in January after having failed to restructure a key £240m out of its total £750m debt. The following month it was bought out of administration by The Edinburgh Woollen Mill Group, safe guarding jobs and the future of the Newry store. Manager of Peacocks in Newry Diana McFerran says she wants to personally thank “all our loyal customers” for their support over recent months as the company went through a difficult period. The deal with Edinburgh Woollen Mill saved 338 stores and 57 concessions  but 224 stores closed with immediate effect. Joff Pope joint administrator at KPMG said the deal would ensure the continued trading of a well known name on the high street: ” While it is unfortunate that redundancies have been necessary we a pleased that we have been able to preserve the majority of the business and jobs.” Mr Pope said that like many other retailers Peacocks suffered a decline in consumer spending due to the tough economic conditions: “This, combined with a surplus of stores and unsustainable  capital structure, led to the business becoming financially unviable.


Newry Democrat

12th June 2012