Clothing retailer Peacocks has gone into administration, it has been confirmed.
Staff at the company’s Cardiff HQ were told of the move by chief executive Richard Kirk on Wednesday afternoon.
The firm, which has tried unsuccessfully to restructure its £240m debts, employs more than 400 in Cardiff and over 9,000 others across the UK including a shop in the Grays shopping mall and in Lakeside near to the House of Fraser.
Staff at the Lakeside store told YT that they expect to find out on Thursday who may be losing their jobs. It is understood the stores will stay open and the slimmed-down company will be sold on.
All stores would continue to operate as usual, said KPMG in a statement. No stores had been closed and there had been no immediate redundancies.
Mr Laverty, joint administrator and restructuring partner at KPMG told the BBC: “Like many retailers Peacocks has suffered from tough economic conditions, which have seen its customers reduce their spending on the high street.
“This factor, combined with a surplus of stores and high overheads, led to the business becoming financially unviable in its current form.”
Mr Fleming added: “We are actively seeking a buyer for the 611 stores and 49 concessions and encourage interested parties to get in touch.”