HIGH street fashion chain Peacocks and Jaegar have been put into administration putting jobs at risk.

The staff at Cardigan's Peacocks store on the High Street now face an uncertain future as bosses failed to find a buyer for the troubled businesses.

The two companies were put into administration this afternoon (Thursday, November 19) after a two-week deadline to find a buyer passed.

Earlier this month, a spokesperson for owner EWM Group said they had been speaking to several potential buyers who were interested in parts of the business.

No stores have closed yet and no redundancies have been announced.

The EWM Group spokesperson said: "In recent weeks we have had constructive discussions with a number of potential buyers for Peacocks and Jaeger Ltd but the continuing deterioration of the retail sector due to the impact of the pandemic and second lockdown have made this process longer and more complex than we would have hoped.

"While those talks are ongoing, we no longer have an option to extend the standstill agreement originally imposed by the High Court six weeks ago any further.

"Therefore, as directors, we have taken the desperately difficult decision to place Peacocks and Jaeger into administration while those talks continue.

"We will continue to do all we can to support FRP Advisory in trying to secure the best outcome possible for these businesses."