Peacocks, the Welsh retail giant owned by the Peacock Group that grew from very humble beginnings in a penny arcade in Chesire is on the brink of falling into administration.
It developed as a retailer of woman’s clothing and has grown in recent decades to become a more dominant brand on high streets across the UK.
Peacock’s has around 600 stores in the UK and 100 overseas stores. It employs around 10,000 staff in the UK.
It’s main problem is that it is around £240 million debt and is struggling to manage its debts. Analysts have pointed out that RBS has stopped lending to many retailers and this credit crunch is strangling cash flow and forcing retailers, large and small, out of business.
There is no news on their Twitter feed at the moment. A few days ago there were reports of problems with the Peacocks website,
“Guys and girls, we’re sorry about our website issues, we’re working really hard to get things fixed 🙁 – 14 Jan”
Peacock has filed an “intention to appoint administrators” and has 10 days to attempt to restructure its debt before it starts to go into administration.
More on Peacocks’ challenge to avoid going into administration soon.