Wales

Peacocks customers can exchange goods, say administrators KPMG

  • 25 January 2012
  • From the section Wales
Peacocks shop front
Image caption Administrators have said they will try to sell the firm as a going concern

Shoppers who want to exchange goods bought at Peacocks can now do so, say administrators acting for the retailer.

The group went into administration last week, having failed to restructure a key £240m part of its total £750m debt.

Around 250 staff at the group's Cardiff HQ lost their jobs following the move.

KPMG said items bought within the last 28 days in a UK Peacocks store could be exchanged with a valid receipt. However, refunds could not be offered or vouchers accepted.

The administrators said they made the decision to allow exchanges after having had several days to assess the stock available across the network of over 600 stores.

But a KPMG spokesperson added: "It should be made clear that the severity of the financial distress of Peacocks... is such that the administrators cannot offer refunds of unwanted items bought either before or after their appointment. "

KPMG said voucher holders would count as unsecured creditors and could complete a form to submit their claim, available on the Peacocks website.

'Going concern'

"But, unfortunately, due to the financial situation at Peacocks, they are likely to see a nominal return," said the spokesperson.

KPMG joint administrators Richard Fleming, Chris Laverty, Ed Boyle and Joff Pope are running the Peacocks group while actively seeking a buyer for it as a going concern.

After their appointment the administrators said all stores would continue to operate as usual.

Before entering into administration Peacocks employed more than 400 in Cardiff and over 9,000 others across the UK.

The Welsh government has announced it has been in contact with Peacocks' administrators, and has pledged to do all it can to support the 249 staff who lost their jobs.

On Monday, fashion chain Bonmarche, part of the Peacocks Group, was bought for an undisclosed sum by private equity group Sun European Partners.

Sun, which bought the entire chain apart from three stores, said it would continue to run 230 stores but would close about 160 leading to around 1,400 redundancies.

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