A POPULAR fashion retailer has become the latest high street casualty in Burnley town centre.
The Peacocks store in the Charter Walk Shopping centre is set to close with the loss of 12 jobs.
Hopes were that the Burnley store would stay open after the company went into administration last month.
Edinburgh Woolen Mill, one of the UK’s largest high street chains, bought up 388 Peacocks stores safeguarding 6,000 jobs nationwide.
But the remaining 224 stores, including Burnley, were not part of the sale and ceased trading with immediate effect resulting in 3,100 redundancies throughout the UK.
Chris Laverty, joint administrator and restructuring partner at KPMG, 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.”