Edinburgh Woollen Mill group to seek extension to creditor protection
Edinburgh Woollen Mill Group is expected to seek an extension to creditor protection as it races to secure a rescue deal for parts of the fashion group.
The business, which owns Peacocks and Jaeger among others, filed notice of its intention to appoint an administration (FRP Advisory) two weeks ago with notice period due to expire today.
However it is in negotiations with US hedge fund Davidson Kemper about taking a minority stake in value fashion chain Peacocks, which also owns Bonmarche, to secure the future of that business.
Its namesake chain, Edinburgh Woollen Mill, is expected to close altogether as part of the deal, while its heritage brands including Jaeger, Austin Reed and Jacques Vert, would be sold off separately.
Yesterday it emerged that TM Lewin owner, Torque Brands, was one of the parties interested in Jaeger and Austin Reed. Headed by Simba Sleep founder, James Cox, Torque has already stated its ambition to created a heritage fashion group supported by one central services platform.
Former Jaeger owner Harold Tillman is also said to be interested in buying back the business that he initially sold to Better Capital in 2012.
Edinburgh Woollen Mill Group acquired Jaeger out of administration in 2017, having acquired Austin Reed out of administration a year earlier. Read more here.