Peacocks Group sells Bonmarche stores, 1,400 layoffs planned

A private equity firm has bought Britain's Bonmarche stores, part of the Peacocks Group which collapsed last week.

The buyers, Sun European Partners, said Monday that they planed to close 160 of Bonmarche's 390 stores and lay off 1,400 of the 3,800 staff.

The sale was arranged in a pre-pack deal before Peacocks was placed in administration. The sale price was not disclosed.

KPMG, the administrator of Peacocks, last week fired 249 of the company's head office staff while keeping 266 to work with administrators while seeking new owners for the remaining operations.

The collapse of Peacocks was the biggest retail failure in Britain since Woolworths Group went under in January 2009.

Source: 1340 WGAU