Cardiff-based Peacocks Group announced is looking for an administrator and decided to sell Bonmmarche chain.
The decision came after failing to convince banks to give the Group a debit. Despite a 17% growth during Christmas the Peacocks Group struggled to receive money from lenders and banks among which is the Royal Bank of Scotland and Barclays.
Bonnarche is also part of the Peacocks Group, which employs 11,000 people. The chain is to be put into administration but talks about the future of the business reveal Bonmarche will be sold. A potential buyer is already on board but in the meanwhile Peacocks intends to protect the business with an administrator.
It is unknown the exact debit of the Peacocks Group. In April 2010 the Group was reported borrowing £647 million.
Photo: Betty Longbottom