By Matthew Roscoe • 09 October 2020 • 14:16
Around 24,000 jobs are at risk as Peacocks and Jaeger appoint administrators. Will this see the end to these high street brands?
AROUND 24,000 jobs are at risk after the brands company, Edinburgh Woollen Mill Group (EWM) announced they have appointed administrators.
The struggling business is now looking for potential buyers as it looks to beat the perils of the pandemic after sales have been heavily affected by national and local lockdowns.
All stores will continue trading and further details will be announced, however, the significant changes are expected.
Rumours and allegations that the retailer failed to pay some Bangladeshi suppliers during lockdown were recently denied by the company.
“Like every retailer, we have found the past seven months extremely difficult,” stated Steve Simpson, EWM’s chief executive.
“This situation has grown worse in recent weeks as we have had to deal with a series of false rumours about our payments and trading which have impacted our credit insurance.
“Traditionally, EWM has always traded with strong cash reserves and a conservative balance sheet, but these stories, the reduction in credit insurance, against the backdrop of the lockdown and now this second wave of Covid-19, and all the local lockdowns, have made normal trading impossible,” he continued.
“As directors we have a duty to the business, our staff, our customers and our creditors to find the very best solution in this brutal environment.
“So we have applied to court today for a short breathing space to assess our options before moving to appoint administrators.
“Through this process I hope and believe we will be able to secure the best future for our businesses, but there will inevitably be significant cuts and closures as we work our way through this.
“I would like to thank all our staff for their amazing efforts during this time and also our customers who have remained so loyal and committed to our brands.”
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Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]
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