Edinburgh Woollen Mill Group, the owner of Jaeger, Peacocks and Austin Reed, is teetering on the brink of administration putting up to 24,000 of jobs at risk.



a group of people standing next to a sign: Photograph: Alamy Stock Photo


© Provided by The Guardian
Photograph: Alamy Stock Photo

The group, controlled by entrepreneur Philip Day, has filed a notice of intention to appoint administrators, a legal document which provides protection from creditors for 10 days. The group had been seeking a buyer and will spend the next few weeks considering its options.



a group of people standing next to a sign: Edinburgh Woollen Mill Group, the owner of Jaeger, Peacocks and Austin Reed, pictured above in 2018.


© Photograph: Alamy Stock Photo
Edinburgh Woollen Mill Group, the owner of Jaeger, Peacocks and Austin Reed, pictured above in 2018.

Edinburgh Woollen Mill (EWM) said it was “responding to the harsh trading conditions caused by the impact of the Covid-19 pandemic and a recent reduction in its credit insurance”. .

It said it had received a number of expressions of interest for parts of the group in recent weeks and these were being assessed along with “all other options”.

However, the chief executive of EWM, Steve Simpson, said there would “inevitably be significant cuts and closures” and the group would appoint FRP Advisory as administrators to carry “necessary restructuring” of the business.

Simpson said: “Like every retailer, we have found the past seven months extremely difficult. This situation has grown worse in recent weeks as we have had to deal with a series of false rumours about our payments and trading which have impacted our credit insurance.

“Traditionally, EWM has always traded with strong cash reserves and a conservative balance sheet but these stories and the reduction in credit insurance – against the backdrop of the initial lockdown, current local lockdowns, and the second wave of Covid-19 reducing footfall have made normal trading impossible.

“As directors we have a duty to the business, our staff, our customers and our

StanCorp Financial Group, Inc. and primary operating subsidiary Standard Insurance Company have appointed Patrick Criteser and James Lobdell to their boards of directors.

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Patrick Criteser, board member of StanCorp Financial Group, Inc. and Standard Insurance Company (Photo: Business Wire)

Criteser is president and chief executive officer of the Tillamook County Creamery Association, a national dairy co-operative headquartered in Oregon owned by nearly 80 farming families. Prior to that, he was president and chief executive officer of Coffee Bean International. Criteser currently serves on the boards of the Oregon Business Council, the Oregon Community Foundation and Hampton Lumber. His appointment was effective June 30, 2020.

Lobdell is senior vice president of finance, chief financial officer and treasurer of Portland General Electric, Oregon’s largest electric utility. Since joining PGE in 1984, Lobdell has held a number of key positions within the company and its affiliates. He serves on the boards of the Oregon and SW Washington Chapter of the ALS Association and the PGE Foundation. His appointment was effective June 30, 2020.

“Patrick and Jim bring decades of business, financial and operational experience to the board. I’m confident that their demonstrated executive leadership skills and expertise will make them valuable contributors to the StanCorp and Standard Insurance Company boards of directors,” said Greg Ness, chairman, president and chief executive officer.

About StanCorp Financial Group, Inc., and The Standard

StanCorp Financial Group, Inc., through its subsidiaries marketed as The Standard — Standard Insurance Company, The Standard Life Insurance Company of New York, Standard Retirement Services, StanCorp Mortgage Investors, StanCorp Investment Advisers, StanCorp Real Estate and StanCorp Equities — is a leading provider of financial products and services. StanCorp’s subsidiaries offer group and individual disability insurance, group life and accidental death and dismemberment