Peacocks Set to Close up to 200 Stores
Yet more bleak news for the British high street, discount clothes chain Peacocks is set to close up to 200 stores nationwide. The closures are being discussed by the big wigs at Peacocks as a part of a broad restructuring plan which is to essentially ensure that the running of the company is safeguarded for the future.
There are meetings taking place with the major shareholders of Peacocks, the likes of Goldman Sachs, in an attempt to restructure the company’s debts and come to some kind of agreement, also known as a CVA.
One thing they should look at avoiding is receiving a statutory demand. This is effectively the first step to bankruptcy against an individual or a company. If you would still like to read more about things like this then you should look at paying a visit to the Real Business Recovery site and you will almost certainly find all of the information you need there.
Speaking on what is currently going on with Peacocks, a spokesman for the company had the following to say: “We continue to progress our re-restructuring discussions and plans, with no decisions taken at this point.”
This is just another example of how tough the high street and also the economy is right now. The non-food market in the UK is really struggling with the news that Barratts the shoe store are in administration again for the second time in as many years. Let’s just hope that things start to pick up soon!