Peacocks in Debt Talks

The mass British high street retailer is in discussions to restructure its debt.

PEACOCKS IN DEBT TALKS: Peacocks, the mass British high street retailer, is in discussions to restructure its debt, a spokeswoman for the chain said Friday. The retailer, which has debts of 240 million pounds, or $377 million at current exchange, was said last week to be considering shutting 200 of its stores in light of its difficulties. While the spokeswoman declined to comment on the reports, she stated: “We continue to progress with our restructuring discussions and plans, with no decisions taken at this point.”

Last month London’s Sunday Times reported that Goldman Sachs, one of Peacocks’ lenders, was considering writing off some of Peacocks’ debt in exchange for a larger stake in the retailer. The retailer, which is based in Cardiff, Wales, has over 600 stores in the U.K. Its parent company, The Peacock Group, also owns the Bonmarché chain of value clothing stores. Peacocks recently stepped onto the fashion radar in the U.K. when socialite and designer Pearl Lowe designed a collection of dresses for the retailer.

load comments


Sign in using your Facebook or Twitter account, or simply type your comment below as a guest by entering your email and name. Your email address will not be shared. Please note that WWD reserves the right to remove profane, distasteful or otherwise inappropriate language.
News from WWD

Sign upSign up for WWD and FN newsletters to receive daily headlines, breaking news alerts and weekly industry wrap-ups.

getIsArchiveOnly= hasAccess=false hasArchiveAccess=false