Edinburgh Woollen Mill has pulled out of the bidding process for Peacocks, Retail Week can reveal.
As disclosed on Retail-Week.com yesterday, Edinburgh Woollen Mill, which owns women’s fashion retailer Jane Norman, was among four parties which had made it through second round bids for the 600-store strong value fashion chain, which is currently in administration. KPMG is appointed administrator.
It is understood that last night, Edinburgh Woollen Mill decided to scrap its interest in Peacocks because it was no longer a suitable proposition for the specialist clothing retailer.
The move whittles the number of bidders vying for the collapsed retailer down to three.
It is believed Edinburgh Woollen Mill was “very interested” in the value clothing chain but now will not be pursuing Peacocks.
Textiles tycoon Alshair Fiyaz, is understood to be one of the final three parties bidding for Peacocks, after teaming up with Danish investment fund Solstra Capital.
Edinburgh Woollen Mill and KPMG declined to comment.