// Edinburgh Woollen Mill (EWM) Group said its new owners will buy stock that is sitting in factories ready to ship, made for previously cancelled orders
// The Bangladesh Garment Manufacturers and Exporters Association wrote to the group earlier this week to ask for money owed for clothing goods cancelled in March 2020
// EWM Group, which owns Peacocks, Jaeger, Bonmarché, and Edinburgh Woollen Mill, collapsed into administration last year
Edinburgh Woollen Mill (EWM) Group chairman John Herring has reportedly told suppliers in Bangladesh that its new owners will purchase cancelled orders that are sitting in factories ready to be shipped.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) wrote to Herring earlier this week to ask for money owed for clothing goods cancelled in March last year, Drapers reported.
This is to “preserve the interest and survival of its members, its stakeholders, and the international image of the industry during this critical period”.
READ MORE:
- Hundreds of Bonmarché jobs at risk as some stores may never reopen
- Mike Ashley’s Frasers Group “frustrated” by Peacocks rescue deal
It also asked for the goods sitting in its members’ factories to be collected.
EWM Group, which owns Peacocks, Jaeger, Bonmarché, and the eponymous Edinburgh Woollen Mill, collapsed into administration last year.
The retailers were subsequently bought back by an international investment consortium, backed by EWM’s chief operating officer Steve Simpson.
Suppliers became unsecured creditors, to be dealt with by administrators FRP Advisory and RSM.
“The EWM Group has no shareholding in the company of the new owners and therefore has no control over its day-to-day operations,” Herring wrote to president of the BGMEA, Faruque Hassan.
“The new owners are happy to take the stock that sits in Bangladesh factories that is finished and ready to ship. We are also of the understanding that they have credit facilities in place, ready to transact.”
Click here to sign up to Retail Gazette’s free daily email newsletter
13 Comments. Leave new
Staff who work for EWM in Dobbies Centres the staff has had no contact from anyone at EWM since December 2020. Staff have no clue what will happen after September when furlough stops. Its disgusting they just don’t care at all
E mailed my manager and asked if I was coming back. All I was told we will phone you in near future. Not much help from anyone
Staff seen in Dobbies clearing out their stock. Looks like they’re leaving for good. I hope the staff get relocated maybe new high street locations ?
Why the Government has not looked into the wheeling and dealing of Mr Day and his puppets is a mystery. Covid could not of come at a better
time for Mr Day. (he must be as bored as hell having relinquished his empire(There is a joke in there somewhere.).
He has taken the Michael out of his staff for years .
Mr Day could not care less, the writing is on the wall. There is a lot of “dead” stock to sell and hopefully the suppliers have seen sense.
I bet they are not buying at full price. This has been one massive scam to rid the company of debts, buy stick for a fraction of its value and pay virtually no rent leaving everyone else to pay for the cost of those huge tax free dividends sent to Dubai for years.
They are also not paying outstanding recruitment fees…..
They are not new owners. It’s owner by the same people under a different name. They will be rebuying their own cancelled ordered no doubt at a massive discount
Nice of ewm to offer to buy the stock they already ordered then cancelled at the market price. To buy back at the discounted price they want to pay.
TRADEMARK PHILIP DAY. Rich man ripping off the poor again. NO MORALITY WHAT SO EVER.
So true…..
Why are none of the EWM shops in Dobbies garden Centres open. There are 45 still shut and staff still on furlough!!
Rumour has it that Dobbies shut them out because of a rent/debt issue with Peacocks, though why Dobbies never claimed a loss against the coded funding that was made available is anyone’s guess. Seems stupid though to stop EWM, Ponden & Peacocks from trading as it’s pushing customers away from even visiting Dobbies centres. Hey ho. Hard to know either way what’s going on when there’s no transparency in the company and the same mistakes that drove the Group yo the brink are still being made by the same upper managers causing low morale due to the uncertainty they cause . Short term fix to pull some cash back from old stock, then they’ll fold it all for one last time.
Typo mistake -> covid funding, not ‘coded’
Cos they not paid the rent