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.
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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.
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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.