Pension fund sees shortfall

Published on 27/08/2012 00:00

Clothing retailer Peacocks’ collapse into administration will leave its pension fund with a £15.8 million shortfall, it was reported yesterday.

The fund was among the unsecured creditors of the fashion chain, which are set to receive just 28p for every £100 they are owed.

About 6,000 jobs were saved when part of the business was rescued by Edinburgh Woollen Mill, which took control of 338 out of a total 611 shops, and 49 concessions. However, a further 3,100 staff lost their jobs as 224 of its shops closed.