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

Organisations benefit from Recovery Fund

RECOVERY funding has been secured for six organisations in Langholm.…

 

Marathon adventure

Eskdalemuir man runs for special charity

 

Borderlands bid rejected

City of Culture not coming our way

 

Brexit given as reason for demise of LEADER

Langholm received around £260,000 in funding from the project

 

SURF award shortlist for Old Police Station

Langholm affordable accommodation project up for prestigious award

 

Walk on the wild side

THE Langholm Initiative will celebrate Community Land Week Scotland with…

 

Up for auction again

‘Standout’ property needs extensive repairs and renovation

 

Copshaw Holm on film

A SHORT film has been created showcasing the payoff from…

 

A Modelling career awaits Langholm teen

Sam Cook signs up with London agency and hits the…

 

Frustration over X95

UNHAPPY locals are calling on Borders Buses to increase the…

 

A stitch in time

400 years marked with wonderful tapestry

 

Over 50’s boosters and jabs for 12-15 year olds

D & G team are readying the plans to roll out the…

 

Local sorting office threatened with closure

Royal Mail property review leaves Langholm in limbo

 

Chilli festival coming to Langholm

Self-confessed chilli capital of Scotland to host first ever ChilliFest

 

Public consultation on flood proposals promised

Councillor says ‘Ditch the Drain’ campaigners are being heard

 

Resurfacing works to result in A7 road closures

A7 road BEAR Scotland

The A7 will be closed between Canonbie and Hawick between…

 

Call for unvaccinated to come forward for jabs

Covid passports to be introduced in Scotland for those aged…

 

Talk to the Tarras team

Drop in every Wednesday for a chat

 

Muckle Toon Media welcomes new chairman

An optimistic John Hammond picks up the reins of the…

 

Over 100 residents attend heated flood defence meeting

Calls for renewed consultation with both regional and community councils

 

Kat joins Tarras team

Kat Mayer takes up her role as project and education…

 

Recycling Centre on the cards for Langholm

92% want to have the opportunity to dispose of garden…

 

National labour crisis felt by local businesses

Shortage of 100,000 drivers impacts on deliveries across the UK

 

FTS management duo gain prestigious degree

TWO local dyers have become the first to graduate from…

 

Canonbie Surgery relocates for major building repairs

EMERGENCY building repairs will be undertaken at Canonbie Surgery following…

 

Scaffolding fixed but what happens next?

Council forced to carry out repairs before something dreadful happens

 

Memorial centenary

THE 100th anniversary of the Langholm war memorial in Buccleuch…

 

Cleaning at the Kirk

Great team effort is appreciated

 

The Passion Remains

ONCE again, a much-reduced version of Langholm Common Riding was…

 

School transfer news

Langholm Alliance to consult on use of former primary building

 

Langholm Town Centre Building in danger of collapse

Fears that falling scaffolding and masonry may kill or injure

 

Our dream jobs

Two new managers appointed at reserve

 

Town's revival starts to come to fruition

Langholm Alliance has contributed £15,000 to boost activities

 

Engineering a future

Academy pupils awarded Industrial Cadet certificates

 

Rachel hands over the reins to Danielle

E&L Advertiser’s new community editor takes up her new post

 

Full steam ahead for ambitious enterprise

Planners give green light to the conversion of former BFA…

 

Langholm People

OutPost Arts sets portrait challenge

 

Community purchase of school on Knife-edge

THE future of Langholm’s former primary school as a vital…

 

War Memorial improvements

LANGHOLM Social Club is pleased to announce that, after much…

 

Town’s flood scheme is ready for public airing

Once COVID-19 restrictions ease, council will meet residents

 
 
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.