COVENTRY MESSAGE BOARD

Spuffler wrote:Peacocks is a clothing store. Similar quality to BHS.

Kenilworth Peacocks is saved from closure

ELEVEN Kenilworth jobs have been secured this week as the Peacocks store in Warwick Road has been saved from closure.

Around 500 shoppers signed a petition to keep the store open after The Peacocks’ Group went into administration in January due to £240m of net debt. Richard Fleming, Chris Laverty, Ed Boyle and Joff Pope of KPMG, joint administrators of Peacocks, announced the sale of the business to Edinburgh Woollen Mill on Wednesday.

The high street chain has acquired the Peacocks brand, 388 stores, including the Kenilworth one and concessions, as well as the business’ headquarters and logistics functions in Wales. The deal has protected around 6,000 jobs in the UK.

The other 224 stores were not included in the sale and have ceased trading, resulting in 3,100 redundancies. Chris Laverty, joint administrator and restructuring partner at KPMG, said: “This deal ensures the continued trading of a well known name on the high street. I would take this opportunity to thank the management team and staff.”

Spuffler wrote:Any bets on the next multiple to go under? Mackay's? BHS? M&S?.........

Peacocks stores have hope

THE new owner of collapsed retail chain Peacocks has raised hopes it will be able to save another 75 stores from permanent closure.

Edinburgh Woollen Mill (EWM) bought 388 Peacocks stores out of administration, saving 6,000 jobs, and is now in talks with landlords in an attempt to reopen some of the unprofitable stores that were not part of the deal.

GAME management told to prepare for administration 'within weeks'



GAME's management have been told to prepare for administration, it has been revealed.

Earlier this week, CEO Ian Shepherd told senior staff that the retail group, which includes GAME and GameStation, has just two weeks to save itself, according to MCV.

There are still hopes that a buyer, such as US chain GameStop, will emerge to take over the chain.

Earlier today, GAME stores across the country initiated a 'fire sale', where certain stock was sold at low prices, a move which is assumed to keep the group afloat for a few more days.

Last week, it emerged that Mass Effect 3 and future EA titles would not be stocked at GAME.

The chain recently announced 35 store closures and that it is going to shut sister website gameplay.co.uk.

GAME recently received lender support to alleviate financial troubles following apparent concern by publisher EA.

The high street retailer's shares plummeted by 90% in 2011, despite £1 billion in annual turnover.

flapdoodle wrote:There are four Game stores in Coventry - 2 Game stores in the city centre, one Gamestation and I think there's another Game at the Ricoh.

GAME 'puts itself up for sale', admits supplier problems

GAME has put itself up for sale, according to a report.

The group, which last week told its senior staff that it had two weeks to save itself, has hired independent advisory group Rothschild to find a buyer, says The Sunday Times.

The British arm of GAME could go through pre-pack administration, which sees a buyer lined up for the business before it goes into administration of liquidation. Deloitte is also reportedly on standby to handle any insolvency process.

While US retailer GameStop is said to be interested in buying GAME's Spanish stores, little is known about its other branches in France and Australia.

Meanwhile, GAME has issued an official statement where it has admitted it has "not been possible" to acquire stock from numerous suppliers and is "working actively" to solve the problem.

GAME must raise £180m in one week, says report

GAME Group has been given one week to raise £180 million to pay off its creditors, according to a report.

The Sunday Times understands that the crisis-hit retailer faces administration if it fails to meet the deadline.

GAME allegedly owes £21 million in rent, £12 million in staff wages, a further £10 million in deferred VAT, and £40 million to video game suppliers.

The firm is in emergency talks with a number of potential backers, but lenders do not believe it will secure funding in time. Any investor would have to pay £100 million to the company's banks as well as the aforementioned funds.

Comet owner OpCapita has been strongly linked with an acquisition bid, though lenders are sceptical that it has the means to rescue GAME from the brink of collapse. Walmart, GameStop, and Hilco are also rumoured to be interested parties.

GAME takeover deal in jeopardy as RBS stalls

GAME is in danger of going out of business as the Royal Bank Of Scotland (RBS) "drags its heels" over takeover talks.

OpCapita, the company who acquired Comet last year for £2, is said to have the money in place to repay GAME Group's debts and a management group in place to restructure the business.

However, both GAME and OpCapita are becoming frustrated at RBS's "unwillingness" to enter "meaningful negotiations", reports MCV.

"Administration would be a very bad outcome for everyone involved. The clock is ticking before rent day this weekend," an inside source told the website.

Despite rumours to the contrary, the source also suggests that GAME would remain a video game-only retailer and not integrated into existing Comet stores.

"We are not asset strippers, we've never stripped anything. We're about investing and improving. It's a point of difference and we're proud of it. We focus on running businesses. That's what we're about."