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

Second year of devastation for Newcastleton

Up to 30 homes flooded as river Liddel burst banks

 

Langholm groups reap rewards from the wind

Thousands are paid by the Ewe Hill 6 windfarm to…

 

A big surprise

Congratulations to Rowanburn couple

 

Study identifies top 10 projects for funding

Nearly 1,000 ideas proposed on how to use windfarm grants

 

Operation to change boy’s life costs £25k

Joshua turned down in Scotland but Liverpool hospital steps in

 

Do not feed

Horse nearly dies from treats

 

Sports centre redesign is to be scaled back

Flood plain and funding challenge force rethink on Townfoot

 

Feedback will aid bridge plan

Developer seeks views on active travel

 

Multi-purpose centre will attract thousands

Langholm’s regeneration is on track for an enterprising future

 

GP practices join list of vaccination venues

Over 70s can be vaccinated in the first two weeks…

 

No police here

Crimes go unreported and unrecorded

 

Mass testing deployed after cases spike at 41

Langholm and Eskdale has highest number of cases in district

 

New company will run nature reserve

Estate manager will be recruited to implement moorland plan

 

Course to help women set up their own business comes to Liddesdale

LIDDESDALE has been chosen as one of three rural areas…

 

Eskdale COVID-19 cases second highest

Esk valley comes second only to Gretna in the whole…

 

Rail group argues its case to UK review body

Extension to Carlisle will bring economic and social benefits

 

Over 80s welcome call to receive vaccination

The most elderly in Langholm will be vaccinated from next…

 

A danner for Doddie

DODDIE Weir’s story has touched the rugby world. He played…

 

EWM is sold but not all jobs will be saved

CRITICISM has been levelled at the way Tuesday’s sale of…

 

Kerry’s passion for town lands her the dream job

THE Langholm Alliance has announced the appointment of its project…

 

A Kiwi Christmas

Langholm lass sends positive vibes from a land down under

 

More infectious virus forces new lockdown

Measures close schools and businesses as vaccine is rolled out

 

Better early warning system to be devised

Newcastleton villagers are urged to protect their own houses

 

Ploughing halted after breach of conditions

Forestry watchdog steps in to investigate the loss of deep…

 

From King Herod to the Grinch ....

A Christmas message from Rev Morag Crossan

 

Have yourself a Merry LITTLE Christmas now

It’s a Level Four lockdown from Saturday

 

Reindeer are flying

ALAN Miller’s new tartan reindeer are flying off the shelves…

 

Kevin moves to new post

But he will keep an eye on moor

 

New looms help secure Langholm mill’s future

Drove Weavers expands its capability to meet greater demand

 

Camera plan will combat the lack of police presence

Copshaw’s rural isolation adds to concerns

 

Wetter winters and more hot summers

Met Office says emissions must be cut to avoid extreme…

 

Council refuses to endorse sports centre proposals

Flood plain causes yet more planning problems

 

Amazing ceremony for wildlife watchers

Shortlisted Newcastleton group is celebrated at awards night

 

2020 Magic Lantern Show

ONE of Langholm’s theatre companies is determined to do its…

 

Langholm store marks 20 years of shopping

Co-op staff look forward to 2021 and arrival of a…

 

Vaccination roll-out is imminent: NHS chief

Immunisation of high-priority groups will start next week

 

NHS seeks input on plan

Health and social care and support are at centre of…

 

Happy 400th birthday as town marks charter

Alliance invites groups to host events in run-up to main…

 

200m high turbines for two Eskdale sites

Developer pledges £900,000 a year for nearby communities

 

Pupils’ designs are a reminder of the past

Langholm’s textile history inspires bold and striking creations

 
 
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.