LOUTH’S Peacocks clothing store has survived the chain’s takeover by Edinburgh Woollen Mill, saving 13 jobs.
Over 600 stores were bought in last week’s deal, 224 of which have been closed immediately, and there were fears Louth may have been among them.
But a statement of closures by administrator KPMG did not include the Eastgate store, news the Louth Chamber of Business said was vital to the town.
The organisation’s President, Sue Locking, said: “This is very good news for Louth, a lot of jobs have been saved.
“A big retail unit like that becoming empty would have been of great concern.”
Peacocks entered administration in January with heavy debts, plunging outlets such as Louth into uncertainty.
The Edinburgh Woollen Mill Group’s Chairman and Chief Executive, Phillip Day, said a ‘considerable amount of work was ahead’ to turn the struggling retailer around.
“We look forward to working with our new colleagues to rebuild the business in what is a very tough economic environment for high street retailers in the UK,” he added.
3,100 of Peacocks’ 9,100 employees will lose their jobs as a result of the takeover, the value of which remains undisclosed.
John Gorle of retail union USDAW (Union of Shop, Distributive and Allied Workers) said while it was fantastic news for workers whose jobs had been saved, it was ‘catastrophic’ for the 3,100 now facing the dole.