By Marcus Leach

Following news earlier this week that they could go into administration, Peacocks are preparing to start offloading staff.

Staff at the Cardiff-based company are to start learning their fate later today (Thursday) after the firm failed to restructure its £240m debts and officially went into administration.

Administrators KPMG now running the firm, which employs more than 400 in Cardiff and more than 9,000 others across the UK, said they hoped to make as few redundancies as possible.

Chief executive Richard Kirk thanked his staff in a statement released this morning.

"Peacocks is a brand with great heritage, and it is with deep sadness that we have been left with no other option but to today place the business into administration," he said.

"We have worked tirelessly over the past year to agree a new financial structure to take the business forward in the current, tough retail environment, including seeking new investment for the business.

"This is a hugely sad development for all of our stakeholders, especially our employees who have shown total commitment to the business over an uncertain and difficult period."

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