Yate Peacocks store could close as owners try to find a buyer for business

October 27 2020
Yate Peacocks store could close as owners try to find a buyer for business

YATE'S Peacocks store could face closure after its owner said it intended to call in administrators.

The clothing store in North Walk, in the town's shopping centre, has "closing down sale" posters in its windows.

Owner Edinburgh Woollen Mill Group has filed a notice of intention to appoint administrators, which provides protection from its creditors. An initial 10 day window was extended at the High Court, giving the company until the end of the month to strike a deal.

 

It operates about 1,100 stores, which also include Jaeger, Ponden Home and the Edinburgh Woollen Mill brand itself, employing 21,500 people.

EWM Group's media representatives did not respond to a request from the Voice to confirm whether a closing date for the store had been set.

Reports in industry newspaper Retail Gazette that a deal to rescue Peacocks separately from the rest of the group was being discussed have yet to be confirmed by EWM Group.

Business advisors FRP, who have been called in by EWM group, said: "Our team is working with the directors of a number of the Edinburgh Woollen Mill Group subsidiaries to explore all options for the future of its retail brands Edinburgh Woollen Mill, Jaeger, Ponden Mill, and Peacocks.”

The move comes as the town's Cineworld Cinema closes for up to six months.

The national chain took the decision to shut all 101 of its sites across the country early in October after it was announced that the release of the new James Bond film, No Time To Die, was being delayed for a second time due to the reduction in demand due to COVID-19.

The movie was originally due for release in April and was delayed until November but will now not be shown until April of next year.

Yate's branch of travel agent TUI (below) remains shut, although the travel giant has not yet made the closure permanent.

TUI announced it would shut 166 stores in the UK in September as it aimed to cut costs by 30%, with 8,000 jobs set to go globally.

The closures included other stores in the Bristol area, which have now been cleared of all of their contents and signs.

However the South Walk store appears to be among the 350 which are still part of the company's network, although a TUI spokesperson said it remained closed for now, adding: "We are unable to confirm at this stage when the store will reopen again."

TUI is making cuts "following a review of UK customer booking behaviours" in the face of what the company describes as "the greatest crisis the travel industry has ever faced".