Peacocks teeters on brink of administration
Struggling fashion retailer Peacocks is on the brink of administration after talks with its lenders Royal Bank of Scotland and Barclays appear to be stalling.
According to reports, state-owned RBS is unwilling to invest more money in the brand despite a 17% increase in like-for-like sales over the Christmas period. The company currently has debts of £240 million.
It has been reported that a potential buyer has been found for the company's 200-strong Bon Marche chain of stores but no buyer has emerged for the rest of the business.
Peacocks CEO Richard Kirk has overseen a period of rapid expansion since buying out the Peacock family in the mid 1990's. The company has 700 stores employs 13,000 people.
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