Nearly 5,000 jobs are at risk after EVM Retailing, the owner of British fashion chains Peacocks and Jaeger failed to find a buyer for the troubled businesses The two chains, have been put into a form of bankruptcy protection after a two-week deadline to find a buyer passed.
The deterioration of the retail sector during the current, second lockdown in England had made the sale process "more complex" than hoped. During the lockdown, which is due to last until December 2, all shops selling items deemed as non-essential, such as clothes and books, have been required to close.
As a result, the spokesperson said the company could no longer extend a so-called standstill arrangement that Britain's High Court first imposed six weeks ago and allows the chains to carry on doing business.
The administrators put in charge of the chains remain hopeful that a deal can be secured.