Peacocks store in Gainsborough is saved

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.

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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.

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