Another fashion chain now makes an unexpected closure after being rescued in 2021 and being able to save 2,000 jobs.
Peacocks, which once had more than 400 stores across the UK, closed another of its stores on March 16, reports The-Sun.
Peacocks collapsed into administration (bankruptcy) in 2020 and was forced to close just over 200 of its 400 stores.
However, the chain was rescued in April 2021 and was able to keep its remaining stores open, saving 2,000 jobs.
But now, the retailer has had to close more of its doors in a desperate bid to stay afloat.
The latest to bite the bullet is the Peacocks branch in Clarendon Square Mall in Hyde, which closed for good on Saturday, March 16.
According to Tameside Correspondent, the nearest branch is now Ashton-under-Lyne.
The Peacocks branch in Hyde actually had a closing down sale back in 2020, although it re-opened after Covid restrictions were lifted.
Now, it appears that the closure is permanent.
It’s not the only Peacocks store set to disappear from the high street in the coming weeks.
The retailer has announced it will close its store in Merthyr Tydfil high street in Wales on March 23.
The bargain fashion chain will be closing with a bang though, holding a mega 30 per cent off everything sale.
Meanwhile, the shop in Ashford’s County Square Shopping Centre in Kent will also close on March 23.
The unit has just reopened after “essential electrical works” forced it to remain closed for more than a week.
Elsewhere, Peacocks in Camborne, Cornwall, will close on April 3.
Plus, it is also shuttering its branch in Boscombe, Bournemouth, on April 6 in a blow for locals.
The retailer revealed news of the closure on its Facebook page which also showed a closing down sign-up in the branch window.
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Also Read: Beloved Retailer With 850 Stores Will Now File Bankruptcy
Other Economy News Today
A crafts retailer now declares an official bankruptcy with a restructuring plan hat could allow it to exit the process as a private company.
Joann officially filed for Chapter 11 on Monday according to a press release and documents at the U.S. Bankruptcy Court for the District of Delaware.
The sewing and crafts chain has a transaction support agreement with most of its financial stakeholders and other financing parties, including commitments for $132 million in new funds.
As a result, Joann expects to reduce its funded debt by about $505 million.
Joann also garnered a six-month extension of its asset-based loan and first-in, last-out credit facilities, effective once it exits bankruptcy.
In the meantime, stores remain open and “all obligations to employees, vendors, landlords, and other trade creditors will be paid or otherwise satisfied in full and honored in the ordinary course of business,” per the release.
The retailer has worked to revamp its stores as well as its online operation, but has lost market share as crafting has declined and competition has heated up, according to GlobalData research.
Joann planned to cut some $200 million in supply chain, product and corporate costs, including through agreements with suppliers on price concessions.
The company then raised that target to $225 million in December.
They also closed on a sale-leaseback of its corporate headquarters in Ohio for $34.5 million and planned to use the proceeds to invest in the business, reports Retail Dive.
“None of that was enough to prevent bankruptcy.
In the third quarter, net sales fell about 4% to $539.8 million, and the company’s long-term debt had grown to $1.14 billion.”
“The bankruptcy process will now allow the arts and crafts chain to receive an infusion of cash at the same time as streamlining its operations and reducing debt levels,” GlobalData Managing Director Neil Saunders said.
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Also Read: Massive Clothing Retailer Is Now Shuttering All Stores This Sunday
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