Doubts over viability of town centre stores leave employees facing an uncertain future
Thursday, 26 January 2012
Peacocks: staff ‘just waiting to hear’.
Antrim High Street has been dealt another blow after value retailer The Peacock Group went into administration.
The owners of Peacocks, Bon Marché and Past Times stores has failed to restructure around £600m of debts after talks with investors fell through.
Peacocks says it continues to make operating profits, but the group's overall financial performance has been weighed down by debts stemming from a management buyout in 2006.
Last Wednesday (January 18), a notice was displayed in the window of Peacocks on Antrim's High Street declaring that representatives of KPMG had been appointed as joint administrators of the company.
As a result, goods purchased before this date cannot be refunded or exchanged.
A member of staff told the Antrim Guardian: "We haven't been told anything at all.
“It is worrying but we are just waiting to hear one way or the other." The Peacock Group is also believed to be in advanced talks with a potential purchaser to sell the Bon Marché chain, which will enter into administration on January 26 if a sale is not completed.
“Unfortunately talks with the Royal Bank of Scotland have now concluded and no arrangement has been reached," a spokesperson for Peacocks said.
They added that discussions with potential investors are 'ongoing' and said the appointment of administrators was 'necessary to protect the business while talks progress'. As the recession continues to bite, local independent retailers are also finding it tough to keep business afloat.
Giftware shop Polka Dot on Railway Street is set to close in the coming weeks, just over a year since it first opened its doors.
Out-of-town shopping complexes have often been blamed for the demise of the High Street but the number of abandoned units at Junction One suggest that they are also feeling the pinch.
A number of clothing stores including Brand Fusion, Street Life and Double Two have recently shut up shop, as well as homeware store Coloroll.
Despite attracting excited crowds at Christmas time, toy and gadget shop Hawkin's Bazaar also ceased trading on December 30 after the company went into administration.
Lingerie store Camille is currently clearing stock in preparation to lock its doors and no replacement tenant has been found for furniture store Dekko, which closed last spring.
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