Clothing chain Peacocks has fallen into administration today (Thursday), meaning stores across the Isle of Wight and dozens of jobs are now at risk.
Peacocks employes 4,369 staff across 423 stores in the UK, but the entire retail operation is on a knife-edge after attempts to find a buyer failed.
Here on the Island, Peacocks has stores operating in Ryde, Newport and Shanklin.
No redundancies have yet been announced and no store closures confirmed.
If a buyer cannot be found then it is likely stores will close. That said, joint administrators FRP Advisory say they are in advanced discussions with a number of parties and are working hard to secure a future for the business.