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Tiverton Peacocks store closes
3:48pm Thursday 23rd February 2012 in Mid Devon News
THE closure of the Tiverton branch of Peacocks yesterday has resulted in 9 redundancies after the business was sold to Edinburgh Woollen Mill.
The deal sees the company acquiring the Peacocks brand, but Tiverton is one of the 224 stores which were not included in the sale and have been forced to cease trading, causing more than 3,000 redundancies nationwide.
It will, however, protect 6,000 jobs in the country, with 388 branches staying open.
Chris Laverty, joint administrator and restructuring partner at KPMG, said: “Today’s deal ensures the continued trading of a well known name on the high street.
“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.
“Like many other retailers, Peacocks suffered from a decline in consumer spending due to the tough economic conditions and this, combined with a surplus of stores and unsustainable capital structure led to the business becoming financially unviable.”