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| Peacocks: Clothing firm's staff braced for job losses | |
| (40 minutes later) | |
| Staff at clothing retailer Peacocks are expected to start learning later who will lose their jobs. | Staff at clothing retailer Peacocks are expected to start learning later who will lose their jobs. |
| The company confirmed on Wednesday that it had entered administration after failing to restructure its £240m debts. | The company confirmed on Wednesday that it had entered administration after failing to restructure its £240m debts. |
| Joint administrators from KPMG are now running the firm, which employs more than 400 in Cardiff and more than 9,000 others across the UK. | Joint administrators from KPMG are now running the firm, which employs more than 400 in Cardiff and more than 9,000 others across the UK. |
| They said they were actively seeking a buyer for it as a going concern. | They said they were actively seeking a buyer for it as a going concern. |
| Staff at the company's Cardiff HQ were told of the move by chief executive Richard Kirk on Wednesday afternoon. | Staff at the company's Cardiff HQ were told of the move by chief executive Richard Kirk on Wednesday afternoon. |
| 'Sad development' | 'Sad development' |
| Mr Kirk told staff he had done all he could to save the company. | Mr Kirk told staff he had done all he could to save the company. |
| In a statement he thanked the firm's staff and said: "Peacocks is a brand with great heritage, and it is with deep sadness that we have been left with no other option but to today place the business into administration. | In a statement he thanked the firm's staff and said: "Peacocks is a brand with great heritage, and it is with deep sadness that we have been left with no other option but to today place the business into administration. |
| "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. | "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. |
| "This is a hugely sad development for all of our stakeholders, especially our employees who have shown total commitment to the business over an uncertain and difficult period." | "This is a hugely sad development for all of our stakeholders, especially our employees who have shown total commitment to the business over an uncertain and difficult period." |
| The Peacocks business operates about 611 stores and 49 concessions across Wales, Northern Ireland, Scotland, and England and employs approximately 9,600. | The Peacocks business operates about 611 stores and 49 concessions across Wales, Northern Ireland, Scotland, and England and employs approximately 9,600. |
| It is understood the stores will stay open and the slimmed-down company will be sold on. | It is understood the stores will stay open and the slimmed-down company will be sold on. |
| Increasing sales | Increasing sales |
| KPMG confirmed that the joint administrators - Richard Fleming, Chris Laverty, Ed Boyle and Joff Pope - would run the company while actively seeking a buyer for it as a going concern. | KPMG confirmed that the joint administrators - Richard Fleming, Chris Laverty, Ed Boyle and Joff Pope - would run the company while actively seeking a buyer for it as a going concern. |
| Dr Jonathan Deacon from Newport Business School told BBC Radio Wales he expected KPMG to keep key personnel at Peacocks while it searched for a buyer. | Dr Jonathan Deacon from Newport Business School told BBC Radio Wales he expected KPMG to keep key personnel at Peacocks while it searched for a buyer. |
| "Here you have a company that is trading profitably," he said. | "Here you have a company that is trading profitably," he said. |
| "In a world of retail that's been hit so badly in the last year this retail organisation has had increasing sales of around about 17%. | "In a world of retail that's been hit so badly in the last year this retail organisation has had increasing sales of around about 17%. |
| "So it's in a pretty health state if it weren't for this huge debt. | "So it's in a pretty health state if it weren't for this huge debt. |
| "KPMG will in the short term be looking to maintain the value that's invested in the company - so in effect keeping all those key people in place because they will be the value of the company when it finds a likely buyer." | "KPMG will in the short term be looking to maintain the value that's invested in the company - so in effect keeping all those key people in place because they will be the value of the company when it finds a likely buyer." |
| Meanwhile financial journalist Mickey Clark told BBC Radio Wales that things were looking "fairly grim" for Peacocks staff, despite talk of a potential private equity bidder for the firm. | Meanwhile financial journalist Mickey Clark told BBC Radio Wales that things were looking "fairly grim" for Peacocks staff, despite talk of a potential private equity bidder for the firm. |
| "I still suspect that whoever buys it is going to come in, close stores (and) make job losses," he said. | "I still suspect that whoever buys it is going to come in, close stores (and) make job losses," he said. |
| "It does seem inevitably at this stage, unfortunately." | "It does seem inevitably at this stage, unfortunately." |