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17/01/2012
Peacocks Problems Sign Of 'Economic Failure'
As time runs out for large clothing firm Peacocks, Labour has said the firm's difficulties are a sign of "economic failure".
The retailer is currently in talks with lenders and possible investors regarding debts of around £240m, and has less than a week to secure funds.
Speaking on Tuesday, Labour’s Shadow Exchequer Secretary to the Treasury, Owen Smith, said: "Peacocks is a British success story. That its future – and that of the 9,000 people who work there across the UK - is now in jeopardy is indicative of this Government’s failed economic strategy.
"George Osborne talks about creating a private sector-led recovery, but the reality is that spending cuts and tax rises like the VAT hike which go too far and too fast have choked off the recovery, hit business and consumer confidence and pushed up unemployment."
The discount clothing store, which owns the Bonmarché chain, employs thousands across the UK and beyond.
The collapse of the firm would mark the biggest UK retail closure since Woolworths.
A spokesperson for one of the lenders, the Royal Bank of Scotland (RBS), told BBC Wales that they would continue to support the company.
"New investors willing to inject sufficient capital could not be found," they said.
"If further funds are required then this is an issue for shareholders and for approval by a majority of the company's lenders."
(DW)
The retailer is currently in talks with lenders and possible investors regarding debts of around £240m, and has less than a week to secure funds.
Speaking on Tuesday, Labour’s Shadow Exchequer Secretary to the Treasury, Owen Smith, said: "Peacocks is a British success story. That its future – and that of the 9,000 people who work there across the UK - is now in jeopardy is indicative of this Government’s failed economic strategy.
"George Osborne talks about creating a private sector-led recovery, but the reality is that spending cuts and tax rises like the VAT hike which go too far and too fast have choked off the recovery, hit business and consumer confidence and pushed up unemployment."
The discount clothing store, which owns the Bonmarché chain, employs thousands across the UK and beyond.
The collapse of the firm would mark the biggest UK retail closure since Woolworths.
A spokesperson for one of the lenders, the Royal Bank of Scotland (RBS), told BBC Wales that they would continue to support the company.
"New investors willing to inject sufficient capital could not be found," they said.
"If further funds are required then this is an issue for shareholders and for approval by a majority of the company's lenders."
(DW)
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Clothing retailer Peacocks is in talks with lenders regarding restructuring debts of around £240m. If the Cardiff-based company's negotiations fail administration is a possibility. The discount clothing store, which owns the Bonmarché chain, employs thousands across the UK and beyond.
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