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Retail Spotlight – Peacocks calls in the administrators

 

Posted At: 19 January 2012 15:34 PM
Related Categories: Administrations, Retailers, Social Commentary

 

Despite reporting a like-for-like sales increase of 17% over the Christmas period, Peacocks’ problems ran much deeper – after months of struggle, Peacocks calls in the administrators making it the biggest retailer to collapse.

19/01/2012 – Peacocks collapsed into administration putting over 9,600 jobs at risk. Joint administrators from KPMG are trading the company while they look for a buyer. The Bonmarché business, which employs approximately 3,800 staff, has not entered administration and continues to trade

17/01/2012- Peacocks boss attempted to put together an eleventh hour rescue deal to save the retailer as the company's advisers filed a notice of intention to appoint an administrator, after talks to restructure £240m of debt failed

09/12/2011 – Peacocks was considering closing up to 200 stores, as it was seeking to reduce its debt burden

28/11/2011 - Goldman Sachs was in talks to take control of the chain and was in discussions to become the majority shareholder as part of plans to reduce Peacocks’ £240m debt pile

19/09/2011 - Peacock lenders appointed KPMG to conduct an independent review of the business

28/04/2011 - Allan Leighton was in talks to become Chairman of Peacocks, for a potential sale or flotation

18/04/2011 - Fast fashion chain launched a higher-priced collection of catwalk-inspired clothing with retail prices between £35 and £38

01/10/2010 - Peacocks cancelled plans for a sale as it failed to attract what it considered to be acceptable offers

31/08/2010 - Peacocks hired Goldman Sachs, and was looking at selling the chain for an estimated £500m-£600m, or refinancing the business

18/06/2010 - Chief executive Richard Kirk confirmed that a strategic review of the business has begun that is likely to result in the sale of the value fashion chain

26/04/2010 – Owners were considering a sale or refinancing of the value retail group

20/04/2010 – Value retailer relaunched its website

11/01/2010 – Retailer reported cracking Christmas, like-for-like sales rose 8% in the eight weeks to January 2, with a 17% spike in December and early January. Total sales over Christmas rose 13%

16/12/2009 - Peacocks has taken a 10-year lease for 7,800 sq ft at £25 per sq ft at Newbury Retail Park in Newbury

4/11/2009 - Peacocks took 7,000 sq ft shop at Thornfield’s 1.6m sq ft The Rock scheme in Bury, Greater Manchester

9/01/2009 - Peacocks outlined plans to buy up to 50 shops from failed competitors
 

Financial Health:

Financial Health Peacocks

Key:
P2>175 – Very Strong
P2 >150 and <175 - Healthy
P2>125 and <150 – Fairly Healthy
P2>100 and <125 – Head Above Water
P2<100 – Very Worrying

SnapShop subscribers can find more information like store numbers, quarterly and annual sales and latest news on the Peacocks Group and Bonmarché here.
 

Elsewhere on the high street, Pumpkin Patch UK arm went into administration while Primark’s sales surged over Christmas, ASOS reported strong Christmas trading, Q4 sales jump at ebay. For more up to date news on retail administrations, new retailers and expanding retailers, please subscribe to SnapShop with membership starting from only £96 pa.
 

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Comments...

Its a shame for Peacocks, always sad to see a company with a long history get in to trouble




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The opinions expressed herein are the personal opinion of the author and are not intended as statements of fact and do not represent the view of SnapShop or Pragma in any way.

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