Edinburgh Woollen Mill saved in move that will protect 1,453 jobs

The collapsed retail giant Edinburgh Woolen Mill was rescued.

The rescue comes in a deal that protects 1,453 jobs and prevents 246 stores from closing permanently, administrators have confirmed.

It comes after the brand went into management last year.

Owner Philip Day is said to have put together a number of international investors to provide the money needed to continue trading, reports the Press Association.

On Monday, Marks & Spencer signed a deal to acquire Jaeger, another part of Mr Day’s business empire, which entered management last year.

However, M & S did not buy the Jaeger branches, so no jobs are likely to be saved.

This deal is supposed to be better.

Before news of the deal was confirmed today, it was reported that the bailout would most likely save the Edinburgh Woolen Mill, Ponden Home and Bonmarche brands.

The Telegraph said investors would put cash into the business until the shops can reopen.

However, the deal won’t help everyone.

Around a third of the 2,571 employees have already been laid off.

Main street has suffered a double blow as coronavirus restrictions have added to the pressure already being put on by changing shopping habits when customers turn to online retail.

Cath Kidston, Laura Ashley, and Oasis were among the retailers who joined the administration last year.

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