Debenhams to close stores

Gulf Today Report 

Debenhams, UK department store to close all its outlets, said the group administrators on Monday, with the loss of around 12,000 jobs.

The Debenhams group’s intellectual property assets have been bought by Boohoo, the British online fashion group.

Debenhams collapsed last month, having struggled to adapt from a bricks-and-mortar business long before the coronavirus pandemic forced shoppers online. 

Boohoo, one of leading British online fashion store.Reuters

The stores will be reopening for liquidation after the lifting of the UK lockdown, administrators said on Monday in a statement.

"Once Debenhams stores are able to reopen and the stock liquidation can continue in stores, the website will be operated by Boohoo.

 "The closing down sale will continue in stores for several weeks until the stock liquidation is completed and the value of this stock will be retained for creditors. 

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 "Regrettably, all the UK stores will then be permanently closed," the statement added.

 Boohoo acquired assets amounting to £55 million, it plans to rebuild the Debenhams online platform.

"Debenhams is a long-standing and leading UK fashion and beauty retailer with high brand awareness, and an established online platform with approximately 300 million UK website visits per annum," Boohoo said.

"This makes it a top 10 retail website in the UK by traffic."