Published Wednesday, 22 February 2012
The high street fashion retailer will close 19 branches across the region following Wednesday's news that it has been bought by Edinburgh Woollen Mill.
Around nine NI stores are expected to remain open.
More than 3,000 jobs will be lost across the UK with the closure of a third of all Peacocks outlets - but the deal means as many as 6,000 could be saved.
KPMG, the administrators, said that 338 of the group's shops will survive with 224 stores to close immediately.
Chris Laverty, joint administrator at KPMG, said: "Today's deal ensures the continued trading of a well-known name on the high street.
"While it is unfortunate that redundancies have been necessary, we are pleased that we have been able to preserve the majority of the business and jobs."
Glyn Roberts, NIIRTA Chief Executive, said: "This is a truly bad day for our retail sector and for a number of local town centres."
"While some stores have been saved we are disappointed that 19 are closing with the loss of so many jobs. This also results in another 19 empty shops in our local town centres, adding to Northern Ireland's status as already having the highest shop vacancies in the UK."