Extra time as Edinburgh Woollen Mill attempts to avoid going bust

High street clothing chain Edinburgh Woollen Mill (EWM), which also owns Peacocks and Jaeger, has been granted a further 10 working days to speak to potential suitors and work on a rescue plan.

The retailer said earlier this month it would go bust without filing for an intention to appoint administrators with the High Court, with 24,000 jobs in the balance.

Since then, bosses have started closing 50 stores with 600 job losses, while they work through securing backing for the rest of the business.

There are Edinburgh Woollen Mill branches in Dundee, St Andrews, Blairgowrie, Pitlochry, Arbroath, Perth, Dunfermline and Brechin.

The Courier revealed last month that the fashion chain would leave Dundee as soon as a new tenant was found for the Commercial Street site.

There are Pea cocks

branches in Arbroath and Leven. The chain’s Forfar branch closed last month.

According to a memo seen by the PA news agency, there is interest in parts of the business, understood to be the Peacocks and Jaeger brands.

However, it is understood a further 100 to 150 stores across the group are being earmarked for closure

while talks continue with landlords.

Bosses wrote to staff yesterday morning, warning them that the national and local lockdowns had hit sales very heavily.

In a note written to staff, the company said: “We are speaking to a number of parties who are interested in either buying parts of the business or offering investment.”

The Edinburgh Woollen Mill branch in Dundee.