PEACOCKS FAILS: Peacocks, the mass British fashion retailer, has gone into administration, as expected. Earlier this week, the company filed a notice of intention to appoint an administrator. Administration is broadly the U.K. equivalent of Chapter 11 bankruptcy protection. While Peacocks’ parent company, The Peacock Group, had been in talks with its lenders to restructure its 240 million pounds, or $370.8 million, in debts, no agreement was ever reached.
“Peacocks is a brand with great heritage, and it is with deep sadness that we have been left with no other option but to place the business into administration,” said chief executive officer Richard Kirk. “We have worked tirelessly over the past year to agree a new financial structure to take the business forward in the current, tough retail environment, including seeking new investment for the business.”
This story first appeared in the January 19, 2012 issue of WWD. Subscribe Today.
Peacocks has more than 600 stores in the U.K., and has recently been upping its fashion quotient, with collections designed by London socialite Pearl Lowe.