Jobs at risk in Upton Park and East Ham after Peacocks collapses
Staff at Peacocks stores in Newham have been plunged into uncertainty after the company went into administration yesterday.
Forty three people, employed at the budget fashion retailer’s premises in High Street North in East Ham and Green Street in Upton Park, are at risk of redundancy after the company admitted defeat in its efforts to restructure its reported �200m debts.
The stores will stay open while administrators KPMG search for a buyer. They have not ruled out having to make job cuts.
One worker at the East Ham store, who wished to remain anonymous, said they had been told to carry on as normal.
She said: “I’m not frustrated, just working. At the start we knew as much as everyone else.
“I have actually been quite busy to be honest.”
Peacocks operates 611 stores nationwide, employing around 9,600 people.
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Chief executive Richard Kirk said the decision was taken with “deep sadness”.
He said: “We have worked tirelessly over the past year to agree a new financial structure to take the business forward in the current, tough retail environment, including seeking new investment for the business.
Mr Kirk added it was “a hugely sad development” for all employees.
Chris Laverty, from KPMG, added: “Like many retailers, Peacocks has suffered from tough economic conditions, which have seen customers reduce their spending on the high street.”