Peacocks Seeks Rents Reductions to Reopen Stores, Times Reports

Peacocks Stores Ltd. is seeking rent reductions and a switch to monthly payments in a bid to reopen some of its unprofitable stores, the Sunday Times reported, citing Chief Executive Officer Philip Day.

Day is renegotiating rental terms for 244 of the 388 stores he bought last week and hopes to reopen 75 of them, he said in an interview with the newspaper. He also plans to hire 80 staff for the company’s head office, it said.

To contact the reporter on this story: Catherine Airlie in London at cairlie@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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