Frasers Group is continuing its acquisition spree among distressed brands in the UK and while it’s reported to be interested in Debenhams, the company is also said to be looking at Jaeger, Austin Reed and Jacques Vert.
The company wants to delay its rescue plan to save parts of the UK business. It's expected to apply for a 10-day extension of creditor protection as lockdowns in Wales, where it has its HQ, are hampering negotiations.
Philip Day, the retail billionaire behind Edinburgh Woollen Mill, could be preparing to buy back the budget fashion chain Peacocks after an administration filing, while exiting the rest of the business.
EWM on Friday confirmed that 50 of its stores will close with the loss of 600 jobs. Most of the closures are focused on Edinburgh Woollen Mill and Peacocks with the job losses largely being shop floor workers.
UK-based EWM Group, which owns the Edinburgh Woollen Mills, Peacocks and Jaeger brands, among others, could be on the verge of appointing administrators as the Covid crisis cuts a swathe through UK high street brands.
The Jaeger and Austin Reed owner has apparently been approached by hopeful buyers interested in its heritage brands. But sources said the approaches were unsolicited and it hasn't been looking to sell the brands
A Bangladeshi garment-makers' trade body is threatening to stop production for EWM over claims millions of pounds are owed to factories. But EWM said most stock has been paid for and deals reached on other orders.