Staff working for clothing retailer Peacocks in Arnold could be handed a lifeline if a management buyout of the clothing chain wins approval.
The chain was placed into administration last month, with the future of the store in Arnold now up in the air.
Posters were seen advertising a ‘closing down’ sale at the Front Street store over the weekend.
However, a proposed management buy-out would secure the future of the company along with its 4,908 staff and 470 stores across the UK.
The bid from a senior eCommerce manager at Peacocks Stores Ltd in conjunction with a private investor, follows the announcement that Peacock’s parent company EWM Group had placed the company into the hands of administrators, FRP Advisory.
The management buyout proposal which sets out to purchase the full company, its employees and its stores, also promises to strengthen Peacocks digital offering with a clear plan of investment into developing the eCommerce element of the business.
A spokesman for the buyout team said: “The MBO team is confident that with the right investment, they can drive forward innovation, bring about brand recovery and achieve a quick return to financial sustainability.
“With plans for short-term investment coupled with longer-term reinvestment, they propose injecting a fresh sense of purpose into Peacocks, safeguarding its future in spite of the on-going challenges high street retailers across the UK are facing.”
