Even Companies Guilty Of Taking On Too Much Credit
It isn’t just individuals that get into trouble by having massive debts they can’t repay, it happens to large companies too. And whilst the pain from bankruptcy can have a big impact on the whole family, when it happens to companies it can affect hundreds or even thousands of families. Sadly, the UK clothing giant, Peacocks, has gone into administration. In simple terms it has taken on too much on credit and now has debts totalling around £240m. Over 9,000 employees face losing their jobs, as 600 stores nationwide could close. Maybe a buyer will step in and take over responsibility for running the company, but even so it’s likely redundancies will follow.
