British fashion retailers Peacocks and Jaeger have collapsed into administration, putting 4,716 jobs at risk. The companies are joining a growing list of retailers failing to stay afloat due to the on-going COVID-19 pandemic. The announcement comes after the previously reported efforts by management to secure a solvent sale of both businesses. Both retailers are part of privately-owned EWP Group. Tony Wright and Alastair Massey, partners at business advisory firm FRP, were appointed as joint administrators. Peacocks, based in Cardiff, Wales, operates 423 stores with 4,369 staff, while London-based Jaeger has 76 stores with 347 members of staff. No redundancies or store closures have been announced yet.
"Jaeger and Peacocks are attractive brands that have suffered the well-known challenges that many retailers face at present," commented FRP partner Tony Wright. "We are in advanced discussions with a number of parties and working hard to secure a future for both businesses.