Over 3,000 jobs were lost in the UK today after ailing fashion chain Peacocks was sold out of administration.
The deal with Edinburgh Woollen Mill will save 388 shops and more than 6,000 jobs but administrators from KPMG said it had been forced to close 224 stores with immediate effect, leading to 3,100 redundancies.
"Today's deal ensures the continued trading of a well-known name on the high street,'' Chris Laverty, joint administrator at KPMG, said.
''While it is unfortunate that redundancies have been necessary, we are pleased that we have been able to preserve the majority of the business and jobs," he added.
Meanwhile, over 250 workers are to lose their jobs with the closure of the 19 Peacock stores in Northern Ireland.
Ten Peacock stores, employing 140 people, are to remain open across Northern Ireland. The Bon Marche store in Anne Street in Belfast is also closing.
Peacocks collapsed under a debt mountain last month in the biggest UK retail failure since Woolworths, placing 7,500 jobs in jeopardy.
Edinburgh, which beat off Indian textile and clothing giant S Kumars Nationwide, said it would attempt to save some of the stores and jobs being lost today.
However, chief executive Philip Day added: "As you can imagine, there will be a considerable amount of work to undertake over the next few months to stabilise the situation, turn this business around, get the supply chain moving again and excite the customers with great products."
Edinburgh last year bought 33 of Jane Norman's 94 stores out of administration, saving some 400 jobs.
Fashion chain Bonmarche, which was part of the Peacock Group, was sold last month in a deal that will lead to 1,400 job losses and 160 store closures. Private equity firm Sun European Partners bought 230 stores and will continue to employ 2,400 staff.
