High-street brands Jaeger and Peacocks have both fallen into administration after owner Edinburgh Woollen Mill unable to find a buyer.

The unfortunate news will means nearly 5,000 jobs and 500 stores are suddenly put at risk, although for now no job losses have been announced. Peacocks has 423 stores across the UK while Jaeger operates 76 shops and concessions.

Edinburgh Woollen Mill said: “In recent weeks we have had constructive discussions with a number of potential buyers for Peacocks and Jaeger. But the continuing deterioration of the retail sector due to the impact of the pandemic and the second lockdown have made this process longer and more complex than we would have hoped. Therefore as directors we have taken the desperately difficult decision to place Peacocks and Jaeger into administration while these talks continue.”