EWM Group, owned by retail entrepreneur Philip Day, said in a statement that it plans to appoint administrators to restructure the company, which also owns the Peacocks and Jaeger clothing brands. It is considering selling parts of the group, which employs 24,000 people. “We have applied to court today for a short breathing space to assess our options before moving to appoint administrators,” said CEO Steve Simpson. “There will inevitably be significant cuts and closures as we work our way through this,” he added. British companies facing insolvency can appoint administrators to provide protection against creditors. But it means handing over control to the administrators, and the process can lead to the business being closed down.

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