Peacocks store in Gainsborough is saved

Peacocks, Gainsborough G120117-4

Peacocks, Gainsborough G120117-4

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PEACOCKS fashion store in Gainsborough’s Market Place will stay open, administrators have announced today (Tuesday).

The store is one of 338 UK stores which have been saved from closure after a takeover was agreed with Edinburgh Woollen Mill.

Administrators KPMG took control of the retailer in January after it failed to restructure part of its £750 million debt.

Today’s deal means 6,000 jobs across the UK are safeguarded. But 224 Peacocks stores have ceased trading with immediate effect, with a loss of 3,100 jobs.

A spokesman for Peacocks in Gainsborough said staff had not yet been told the news, and therefore could not comment.