RETAIL staff who were facing the threat of redundancy at two city clothing stores have been thrown a lifeline following a high street buy-out.
Administrators KPMG have confirmed that the city’s two branches of Peacocks, in the Bretton Centre and in Rivergate, will remain open.
The two stores, which employ 30 people in total, were sold to Edinburgh Woollen Mill after Peacocks went into administration in January.
Edinburgh Woollen Mill has acquired 388 Peacocks stores and concessions, as well as a business’ headquarters and logistics functions in Wales.
While the Peterborough stores have a future, a remaining 224 outlets have ceased trading with 3,100 job losses confirmed.
Chris Laverty, joint administrator and restructuring partner at KPMG, said: “Wednesday’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.”
He blamed a decline in consumer spending and a surplus of store for Peacocks’ decline.