A DEAL to bring clothes retailer Peacocks out of administration has safeguarded the future of the Okehampton store and secured 6,000 jobs nationwide.

The firm was bought out of administration by the Edinburgh Woollen Mill on February 22. In the deal, Edinburgh Woollen Mill, one of the UK's largest high street chains, has acquired the Peacocks brand, 388 stores and concessions, as well as the business' headquarters and logistics functions in Wales.

But 224 stores were not included in the sale, and have ceased trading with immediate effect, resulting in 3,100 redundancies — the stores in Exeter and Launceston are among those.

Around 250 staff at the group's Cardiff headquarters lost their jobs following the company going into administration in January. There will be another 16 redundancies at the headquarters as a result of the sale.

Chris Laverty, joint administrator and restructuring partner at KPMG, the adminstrator who brokered the deal, said the deal ensured the continued trading of a well known name on the high street.

'While it is unfortunate that redundancies have been necessary, we are pleased that we have been able to preserve the majority of the business and jobs. 

'Like many other retailers, Peacocks suffered from a decline in consumer spending due to the tough economic conditions and this, combined with a surplus of stores and unsustainable capital structure led to the business becoming financially unviable. 

'However, a strong brand presence and loyal customer following meant that Peacocks attracted a great deal of interest from both trade and private equity bidders, leading to the successful sale.

'I would take this opportunity to thank the management team and staff for their continued assistance in very difficult circumstances; their support has been invaluable in securing the sale.'