RBS Pushes Peacocks To Brink Of Administration

The Royal Bank of Scotland Group PLC (RBS.LN) has emerged as the main lender refusing to save Peacocks, the struggling discount clothing retailer, putting 10,000 jobs at risk, The Daily Telegraph reports Monday without citing sources.

The bank, majority-owned by the taxpayer, is believed to be reluctant to inject any more money into the company, which is burdened with GBP240 million of debt, the report says, adding that the unwillingness to prop up Peacocks is not just worrying for the retailer, which runs 700 shops, it is also of concern for a number of other high street names backed by the lender.

RBS also supports music retailer HMV Group PLC (HMV.LN) and greetings card chain Clinton Cards PLC (CC.LN), both of whom have been hit hard in recent months.

Newspaper Web site: http://www.telegraph.co.uk

-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320

Clinton Cards (LSE:CC.)
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