Peacocks And Bonmarche Go Into Administration
The owner of clothing chains Peacocks and Bonmarche has said it plans to place both businesses into administration.
The Peacock Group, which employs a combined 11,000 staff, said it made the decision after discussions with lenders over the future of the group broke down.
The parent company said it would seek a potential buyer for the Bonmarche business, but will appoint an administrator in the meantime.
Elsewhere, gift retailer Past Times fell into administration and confirmed 507 staff were made redundant before the move, with a further 67 job losses announced when KPMG were appointed administrator.
Peacocks trades from 611 Peacocks discount clothing stores and 394 Bonmarche shops in Britain.
The firm said it was in advanced and exclusive talks with a potential purchaser of Bonmarche.
It did not name the suitor, although a source familiar with the situation told Reuters news agency that the private equity firm Sun European Partners was seeking a deal that could involve a pre-pack administration of Bonmarche.
Sun European Partners declined to comment.