Menu
 
Home | News | Day earns extension to save retail empire
 
News | 1st November 2020
 

Day earns extension to save retail empire

High Court grants EWM Group two more weeks to save firm

 
 
 

EDINBURGH Woollen Mill Group has been granted another two weeks to come up with a rescue plan.

But a company spokesperson said the whole 10 days may not be needed if talks with potential buyers of some of the brands come to a successful conclusion.

The fact the High Court had granted the extension was a positive step. If there had been no hope, the court would have appointed administrators.

There had been a lot of media speculation over the sale of parts of the business and there was interest.

Depending on how this progressed, there might be an announcement ahead of the 10-day deadline on the outcome to the situation.

The group operates Edinburgh Woollen Mill, along with Jaeger and Peacocks and several other brands. About 24,000 jobs are at risk, including employees in Eskdale and Liddesdale.

The proposed deal would not include the Edinburgh Woollen Mill chain, which could be liquidated unless a buyer was found, according to Retail Gazette.

It has started closing 50 stores affecting 600 jobs, while it works on securing backing for the rest of the business.

It’s believed there is interest in the Peacocks and Jaeger brands, particularly.

It’s also believed another 100 to 150 stores across the company are being earmarked for closure while talks continue with landlords.

Billionaire Philip Day, who owns Edinburgh Woollen Mill Group, is reported to be trying to save Peacocks with a capital injection from a US hedge fund.

Discussions on the sale of Peacocks were hit by a new lockdown in Wales. The group’s headquarters and distribution centre are in Cardiff.

Staff were told that the national and local lockdowns had hit sales heavily.

The company had made good progress on its plans but there would be changes, including a significant number of store closures.

According to Drapers magazine, the group has reportedly set aside several stores in its UK portfolio for permanent closure.

It has permanently closed its stores in Penrith in Cumbria and Dingwall in the Scottish Highlands.

Stores in Andover in Hampshire, Oswestry in Shropshire and Newbury in Berkshire have left “closing down sale” signs in their shop windows.

Meanwhile, Peacocks stores in Acomb in North Yorkshire, East Dereham in Norfolk, Ryde and Shanklin on the Isle of Wight, Washington in Tyne and Wear, and the Bonmarché stores in Newcastle upon Tyne also have “closing down sale” signs displayed.

The group has 1,100 stores in its portfolio.

Over the weekend Mike Ashley’s Frasers Group expressed an interest in acquiring Jaeger, Austin Reed and Jacques Vert to boost the group’s portfolio.

Last week it was reported that TM Lewin’s parent company Torque Brands, Simba Sleep co-founder James Cox and Jaeger’s former owner Harold Tillman were among the bidders for Jaeger.

 
 
Would you like to support us?

The Eskdale and Liddesdale Advertiser is our community owned local newspaper and even in today’s troubled times, we aim to bring you local news and articles in an impartial, responsible and factual way.

We hope you have enjoyed reading this free article but we need your support so we can keep delivering quality journalism that’s open and independent and keeps you up to date with what is happening in Eskdale and Liddesdale.

Every reader’s contribution, however big or small, is so valuable to us.
 
 
‘Owned by the Community...Published for the Community’
Do you have a story?

Please get in touch if you have a story or article you would like to see published.

Related Articles

DGRI cyber attack leads to region-wide mailing

CEO will contact every household in region with online safety…

 

EDF presents revised plans for windfarm near Copshaw

Revised plans for a major new windfarm to be sited…

 

LRFC Captain heads down under

With Langholm RFC captain Nathan Smith heading off to Australia,…

 

Langholm's Front Three all smiles at Hawick's Big Day

Once more, a large number of Langholm Common Riding enthusiasts…

 

Castleholm meeting sees positive public reaction

Upkeep and financial sustainabilty are the main concerns but everyone…

 

South of Scotland to host European Lunar Symposium

World-wide guest list will celebrate our connection to the moon…

 

All talk and very little action at the Murtholm

Agencies involved with the development are considering including private housing…

 

Remembering John Main and the Normandy Campaign

A war-time article with family connections to the E&L By…

 

Local feathers ruffled by Scotsman article

Comments made refuted by the people and organisations trying to…

 

Like ducks to Ullswater...S3 have a ball!

Thanks to the generosity of local charity, The Stevenson Trust,…

 

Bailey comes first in six-way race for Cornet

Big turn out of voters to elect 2024’s main man…

 

Castleholm tally nears the 750 mark

Fine weather last Friday marked the start of Langholm’s Common…

 

Six men in the running for Langholm Cornet

Common Riding’s future is secure with so manyyoung men willing…

 

Castleholm opportunity

Community support crucial to securing transfer By Mairi Telford Jammeh…

 

Humza no more: but who next?...'Eeh mei good question!'

We ask politicians and locals to comment on the future…

 

Canonbie Playpark could be in place as soon as July

Xcel Project helps team behind the project to secure more…

 

Are potatoes losing their popularity?

That’s the surprising finding of a new report by researchers…

 

Wapakoneta: Forging links with small-town Ohio

Connection with Neil Armstrong’s hometown is widely seen as a…

 

Care Inspectorate praise for Copshaw Nursery

School staff ‘pleased and proud’ after glowing report received By…

 

Climate Targets making farmers ‘hostages to deadlines’

‘Any on-farm efficiency measures should be rewarded’ The Scottish Government’s…

 

Langholm Girls FC are toast of Melrose Awards

Melrose Sevens’ Women in Sport Awards vote for LGFC as…

 

Former Fair Crier and a man of mony pairts

Rae Elliot pays tribute to his far-travelled, rugby-playing father OBITUARY…

 

Pandemic project is rolled-out across the region

OutPost Arts-conceived initiative becomes DG Creative Wellbeing An arts project originally…

 

Proclamation of Kinship from Wapakoneta, Ohio

Neil Armstrong’s home town sends declaration offriendship and co-operation to…

 

Community-led Tourism in Langholm & Eskdale

An 8-page supplement in this week’s E&L Share your thoughts…

 

Broughton brought down by the men of Milntown

Club volunteers stepped up to make sure sodden pitch was…

 

Active & Sustainable Travel not working for Eskdale

Councillor highlights lack of plans to address Langholm’s transport links…

 

Missing German Shepherd Xara elicits high-tech response

When 16-month-old German Shepherd Xara gave her owner the slip…

 

Sheep worrying remains most frequent rural crime

By Gilly Fraser A new report by researchers at Scotland’s…

 

Amazing antipodean adventure for four firm friends

Holiday of a lifetime for these Langholm lassies has given…

 

Putting Langholm on the map in the Scottish Parliament

Oliver Mundell champions the Muckle Toon in a Motion to…

 

Langholm Common Riding AGM

By Katherine Latimer On Monday the 18th of March, the…

 

Sam has a right Royal day at Cheltenham

..as his beloved Captain Guiness wins and he meets the…

 

Land Reform Bill will change how land is sold

Impact of land sales on local communities will be taken…

 

Rave reviews from OKLAHOMA! audiences

LAODS pulls off another cracker for their latest ‘mesmerising’ musical…

 

Far-reaching implications for rural landowners

Gilly Fraser investigates couple’s rural retreat which is under threat…

 

Right Care, Right Place for community care?

Integration Joint Board okays consultation on options for care in…

 

Favourite Langholm walk closed

Easton’s Walk has long been a favourite ramble for locals…

 

A good old tidy-up, or is it environmental vandalism?

As the banks of the River Esk are cleared of…

 

Canonbie updated on Post Office take-over

Healthy turnout hears about legal structures of the Community Benefit…

 
 
requires mailchimp logins and wired up to a list
Join our mailing list
Keep up to date with all that’s going on at the E&L
This site uses cookies.
Configure
 
Read our privacy policy

This site uses cookies for marketing, personalisation, and analysis purposes. You can opt out of this at any time or view our full privacy policy for more information.