Peacocks and Jaeger have collapsed into administration with nearly 500 stores and more than 4,700 jobs at risk just weeks before Christmas.
A spokesperson for the owner of EWM Group said that they were speaking to several potential buyers, but the two-week deadline to find one has ended with no deal in place.
Tony Wright, joint administrator of the business from FRP Advisory said, “Jaeger and Peacocks are attractive brands that have suffered the well-known challenges that many retailers face at present.
“We are in advanced discussions with a number of parties and working hard to secure a future for both businesses.”
A spokesperson for EWM Group said on Thursday, “In recent weeks we have had constructive discussions with a number of potential buyers for Peacocks and Jaeger Ltd but the continuing deterioration of the retail sector due to the impact of the pandemic and second lockdown have made this process longer and more complex than we would have hoped.
“While those talks are ongoing, we no longer have an option to extend the standstill agreement originally imposed by the High Court six weeks ago any further. ‘Therefore, as directors, we have taken the desperately difficult decision to place Peacocks and Jaeger into administration while those talks continue.
“We will continue to do all we can to support FRP Advisory in trying to secure the best outcome possible for these businesses.”