Retail mogul Philip Day strikes deal to rescue Edinburgh Woollen Mill with 1,453 jobs and 246 stores saved
The owner of Edinburgh Woollen Mill has secured a deal to rescue the brand
The owner of Edinburgh Woollen Mill has secured a deal to rescue the brand and its sister business Ponden Homes from disappearing for good.
Administrators at FRP confirmed 246 stores will be saved by Purepay Retail, which is controlled by former owner Philip Day.
The agreement secures the future for 1,453 workers, mainly shop staff.
However, 85 Edinburgh Woollen Mill and 34 Ponden Home stores have been permanently closed. Sister brand Peacocks remains in administration. Tony Wright, joint administrator of Edinburgh Woollen Mill and partner at FRP, said: ‘This transaction provides the best chance to save stores and jobs.’