Administrators at KPMG are looking for a new owner for the embattled Peacocks clothing retailer.
About half of the headquarters staff, a total of 249, have lost their jobs, leaving 266 to man the Cardiff-based office.
The administrators said they are using all of their contacts in the retail sector to find a buyer for the business, the BBC reported.
Vouchers for use in the store are no longer being accepted when paying for goods, it has been announced.
Chris Laverty, joint administrator at KPMG said: “It is with regret we have made 249 redundancies at Peacocks head office in Cardiff, which follow a commercial review of the staffing levels of the business.
“No stores have been closed and [they] will continue to operate as normal whilst we actively search for a buyer for the business.”
Patrick Woodall, chief executive of the retail consultancy Pragma, commented on the situation to BBC Wales: “Peacocks is fundamentally an attractive and profitable business and, provided the financing structure is right, I firmly believe it’s got a future on the high street.”
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