PEACOCKS in Uckfield and Newhaven are amongst the stores which have been spared the axe following the sale of the business.
Edinburgh Woollen Mill bought the brand, 388 stores and concessions, as well as the business’ headquarters and logistics centre in Wales.
The move has protected eight jobs in Newhaven and 14 in Uckfield, with a total of 6,000 jobs secured in the UK.
However a total of 224 stores were not included in the sale and have now ceased trading, resulting in 3,100 redundancies.
There will also be approximately 16 redundancies at the headquarters in Cardiff.
Joint administrator and restructuring partner at KPMG, Chris Laverty, said: “Today’s deal ensures the continued trading of a well known name on the high street.
“While it is unfortunate that redundancies have been necessary, we are pleased that we have been able to preserve the majority of the business and jobs.
“Like many other retailers, Peacocks suffered from a decline in consumer spending due to the tough economic conditions and this, combined with a surplus of stores and unsustainable capital structure led to the business becoming financially unviable.
“However, a strong brand presence and loyal customer following meant that Peacocks attracted a great deal of interest from both trade and private equity bidders, leading to today’s successful sale.
“I would take this opportunity to thank the management team and staff for their continued assistance in very difficult circumstances; their support has been invaluable in securing today’s sale.”