PEACOCKS IN DEBT TALKS: Peacocks, the mass British high street retailer, is in discussions to restructure its debt, a spokeswoman for the chain said Friday. The retailer, which has debts of 240 million pounds, or $377 million at current exchange, was said last week to be considering shutting 200 of its stores in light of its difficulties. While the spokeswoman declined to comment on the reports, she stated: “We continue to progress with our restructuring discussions and plans, with no decisions taken at this point.”
Last month London’s Sunday Times reported that Goldman Sachs, one of Peacocks’ lenders, was considering writing off some of Peacocks’ debt in exchange for a larger stake in the retailer. The retailer, which is based in Cardiff, Wales, has over 600 stores in the U.K. Its parent company, The Peacock Group, also owns the Bonmarché chain of value clothing stores. Peacocks recently stepped onto the fashion radar in the U.K. when socialite and designer Pearl Lowe designed a collection of dresses for the retailer.
This story first appeared in the December 12, 2011 issue of WWD. Subscribe Today.