Fashion chains Peacocks and Jaeger have entered the administration, putting more than 4,700 jobs and nearly 500 stores at risk.
Retailers, who were part of the EWM billionaire Philip Day’s retail empire, confirmed Thursday that they have appointed FRP Advisory officials.
Officials said that no layoffs or store closures had yet been confirmed.
Cardiff-based Peacocks operates 423 stores with 4,369 employees, while Jaeger, which Dai bought in May 2017, operates 76 stores and franchises and employs 347 employees.
The Peacocks store at Captain Cook’s Square in Middlesbrough closed in early 2019.
The nearest Jaeger store is in Newcastle.
Mr. Day’s EWM Group put its Edinburgh business, Woolen Mill and Bunden Home into management earlier this month.
But EWM bought more time for Peacocks and Jaeger hoping to find a new buyer or investor for part or all of the business.
The Supreme Court gave the company two more weeks to try to find a solution.
Now that has passed but Tony Wright co-chair of FRP is still positive about securing their future.
“Jaeger and Piccox are two attractive brands that have suffered from the well-known challenges that many retailers face today,” he said.
“We are in advanced discussions with a number of parties and are working hard to secure a future for both companies.”
The EWM Group said in a statement that it will continue to support the officials to find the best possible result.
She said, “In recent weeks we have had constructive discussions with a number of potential buyers of Peacocks and Jaeger Ltd, but the continued deterioration of the retail sector due to the impact of the pandemic and the second shutdown has made this process longer and more complex than we had hoped.”
“While these talks continue, we no longer have an option to extend the freeze agreement that was originally imposed by the Supreme Court six weeks ago,” he said.
“So we as managers have taken the very difficult decision to put Piccocks and Geiger in management while those talks go on.