World News – GB – Edinburgh Woolen Mill and Ponden Home in administration with 866 jobs at risk

Peacocks and Jaeger have two weeks to find a buyer, Edinburgh Woolen Mill and Ponden Home are already in administration with thousands of jobs at risk

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Edinburgh Woolen Mill Group, owner of brands such as Peacocks and Jaeger, has placed its own stores under administration

In some cases, 384 stores were named Edinburgh Woolen Mill and employed 2,571 people before the lockdown

It has also put its Ponden Home brand in the administration, as well as its 73 branches Ponden Home has 329 employees

The two brands will continue to negotiate for now, but 750 people will be made redundant at Edinburgh Woolen Mill and 116 at Ponden Home

The company also manages Peacocks and Jaeger – who have been given a two-week extension to strike a bailout deal

FRP co-administrator Tony Wright said: “The past few months have been extremely difficult for many retailers, even those negotiating long before the pandemic, including the teams at Edinburgh Woolen Mill and Ponden Home

« The administrations will provide additional protection as we continue our search for buyers to secure the long-term future of both companies

« Unfortunately, the impact of Covid-19 on brands’ core customer base and tighter trade restrictions mean the current corporate structure is unsustainable and has resulted in layoffs

In the weeks leading up to administration, 56 Edinburgh Woolen Mill stores and eight Ponden Home stores and dealerships were closed permanently

The two companies were trading long before the Covid-19 pandemic, but foreclosure restrictions and low consumer confidence and footfall had a significant impact on business performance

The directors were appointed after management’s failed efforts to find a solvent sale of the two companies

Edinburgh Woolen Mill, Administration, Peacocks, Philip Day