Nailsea Peacocks closed
A POPULAR fashion shop in Nailsea town centre closed yesterday, making 10 workers redundant.
The Times announced last month low-price clothing chain Peacocks had gone into administration after racking up debts of �240million.
Stores in Portishead and Weston will remain open after a deal was done yesterday to save part of the business under a rescue package put together by new owner, the Edinburgh Woollen Mill company.
The Nailsea shop, in Somerset Square, is among 224 which ceased trading immediately under the takeover plan.
And the Portishead store in Wyndham Way, is one of 388 staying open.
The deal has led to 3,100 redundancies but 6,000 jobs have been saved.
Administrators from accountancy firm KPMG said staff were told yesterday.
Most Read
- 1 Superb, high-spec house in a Nailsea hotspot
- 2 North Somerset flytipper pays £1,600 after dumping bathtub
- 3 Police rescue broken down bride - and get her to the wedding on time
- 4 Iceland offers over 60s discount on shopping bill every week
- 5 Can you answer these 10 GCSE questions designed for 16-year-olds?
- 6 Clevedon Choral back after 18 month hiatus caused by pandemic
- 7 Construction finally begins for special educational needs school
- 8 Clevedon Library to close for THREE MONTHS for major refurb
- 9 Gardens on view for Clevedon wildlife trail
- 10 IN THE DOCK: Man in court after using daughter's blue badge to park in Weston
A spokesman said: “The deal ensures the continued trading of a well-known name on the high street.
“While it is unfortunate that redundancies have been necessary, we are pleased that we have been able to preserve the majority of the business and jobs.”
Edinburgh Woollen Mill, which has 380 stores of its own, beat off Indian textile and clothing giant Kumars Nationwide to gain control of the ailing company.