The high street is hell – but the insolvency trade’s booming – Business News – Business – The Independent
Dark days for Britain’s high streets are becoming boom times for insolvency practitioners, who look set to pick up another windfall thanks to the debt-laden fashion chain Peacocks and the troubled gifts retailer Past Times.
In separate processes, both companies sought yesterday to enlist the services of the administrator KPMG, which has already secured lucrative fees for its work with other retailers over Christmas. The accountant was the adviser when the outdoor goods chain Blacks Leisure and the lingerie retailer La Senza were bought out of administration earlier this month.
By formally appointing KPMG as its administrator last night, the retro-themed retailer Past Times has put a further 500 staff and 51 stores at risk, after earlier closing 46 shops and making 507 workers redundant.
The Peacock Group could become retailing’s biggest collapse since Woolworths was closed in January 2009 with the loss of 30,000 jobs. The company, which has 11,000 staff, 611 Peacocks stores and 394 Bonmarché shops, is the largest of the chains in recent trouble. Peacocks and Bonmarché are not yet in administration but have filed notices of intention and now have just 10 working days to deliver rescue deals.
Strange Random Insolvency Quote:
- Peacocks’ survival hopes fade after RBS cuts lifeline (independent.co.uk)
- RBS puts 13,000 jobs at risk as it pulls the plug on Peacocks (dailymail.co.uk)
- Peacocks struggling to reach deal with lenders (business-sale.com)
- Peacocks to enter administration (thesun.co.uk)
- Peacocks and Bonmarche owners to go into administration (mirror.co.uk)