Edinburgh Woollen Mill stores and staff saved in rescue deals
- Credit: Archant
Edinburgh Woollen Mill, which was one of many businesses to collapse last year, has been saved in a deal that will protect 1,453 jobs and keep 246 stores from closing for good, administrators have confirmed.
The company has five sites across the region including Norwich, Great Yarmouth, Dereham, King's Lynn and Thetford.
However, the deal will come too late for some. Around one third of the 2,571 employees have already been made redundant.
Administrators confirmed a deal had been struck this morning after early reports surfaced that chief executive Philip Day had secured investment.
Mr Day is is understood to have lined up a series of international investors who will provide the cash it needs to continue trading - however no details have been confirmed.
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On Monday, Marks & Spencer signed a deal to take over Jaeger, another part of Mr Day’s business empire which also entered administration last year.
However, M&S did not buy the Jaeger stores, so no jobs are expected to be saved.
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Edinburgh Woollen Mill Group (EWM) became one of a string of retailers embarking on a major restructuring during the Covid-19 pandemic when it called in administrators in October.
Cath Kidston, Laura Ashley and Oasis were among the retailers that entered administration last year.