Struggling Welsh retailer Peacocks has confirmed KPMG will handle the clothing chain’s administration.
The Cardiff-based fashion group announced its intention to appoint administrators on Monday.
And Richard Fleming, Chris Laverty Ed Boyle and Joff Pope have since been appointed joint administrators.
KPMG was drafted in last summer to advice the business on its debt-restructuring strategy.
Speaking about the administration Laverty blamed the group’s plight on the “tough economic conditions” which have seen consumers tighten their purse strings.
He said: “This factor, combined with a surplus of stores and high overheads, led to the business becoming financially unviable in its current form.”
Peacocks – which operates 611 stores and 49 concessions across the UK – employs some 9,600 staff.
But the administrators insisted the business will be operated as a going concern with no immediate redundancies or plans to close stores.
UK head of restructuring Fleming has also been appointed administrator recently in the high-profile retail cases of La Senza and Blacks Leisure.
He added: “We are actively seeking a buyer for the 611 stores and 49 concessions and encourage interested parties to get in touch.”
Meanwhile, the Bonmarché business – which is owned by the Peacock Group – is yet to officially enter administration and will continue to trade.
It also filed a notice of intention to appoint administrators on Monday – giving it a 10-day hiatus before administrators are to be appointed.
A buyer is currently being looked for to secure the chain’s future.
By Andy Pearce
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