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JOBS have been safeguarded across North Wales following the sale of discount clothing retailer Peacocks.
Thirteen posts have been saved at the Rhyl branch on Sussex Street, Rhyl, after it was bought by Edinburgh Woollen Mill.
The deal has also protected 15 posts in Colwyn Bay, 14 in Llandudno and 11 in Bangor, as well as around 6,000 jobs across the UK.
EWM, one of the UK’s largest high street chains, on Wednesday announced it had acquired the Peacocks brand, 388 stores and concessions, as well as the business’ headquarters and logistics functions in Wales.
The deal has protected around 6,000 jobs in the UK including 15 posts in Colwyn Bay, 14 in Llandudno and 11 in Bangor.
224 stores however were not included in the sale and have ceased trading with immediate effect, resulting in 3,100 redundancies.
Joff Pope, joint administrator and associate partner at KPMG, who were brought in at the start of the year to handle the fashion chain’s assets, said: “Today’s 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.
“Like many other retailers, Peacocks suffered from a decline in consumer spending due to the tough economic conditions and this, combined with a surplus of stores and unsustainable capital structure led to the business becoming financially unviable.
“However, a strong brand presence and loyal customer following meant that Peacocks attracted a great deal of interest from both trade and private equity bidders, leading to today’s successful sale.
“I would take this opportunity to thank the management team and staff for their continued assistance in very difficult circumstances; their support has been invaluable in securing today’s sale.”
Vale of Clwyd AM Ann Jones said the loss of jobs was a tragedy, but welcomed the saviour of the Rhyl Peacocks branch.
“The loss of thousands of jobs for Peackocks staff is absolutely tragic but I am glad that this deal will safeguard staff in Rhyl and many other stores.
“Peacocks is an important part of Rhyl’s town centre and I hope today’s deal will keep it that way.”
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