Debenhams Shuts All Stores, Around 12,000 Jobs Lost
Faizan Hashmi Published January 25, 2021 | 03:20 PM
UK department store chain Debenhams is to shut all its outlets, administrators for the collapsed group said Monday, with the loss of around 12,000 jobs
London, (UrduPoint / Pakistan Point News - 25th Jan, 2021 ) :UK department store chain Debenhams is to shut all its outlets, administrators for the collapsed group said Monday, with the loss of around 12,000 jobs.
Debenhams, which has long struggled with fierce online competition, will see its brand live on however after British online fashion group Boohoo earlier said it had bought the group's intellectual property assets.
Debenhams collapsed last month, having struggled to adapt from a bricks-and-mortar business long before the coronavirus pandemic forced shoppers online.
Its stores will reopen following the lifting of the UK lockdown to liquidate stock, administrators FRP Advisory, brought in to salvage parts of the business, said in a statement Monday.
"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.
"Regrettably, all the UK stores will then be permanently closed," the statement added.
A source close to the company told AFP this meant that around 12,000 jobs would disappear.
Boohoo has meanwhile acquired assets, including customer data.
The cost of the deal is �55 million ($75 million, 62 million Euros), Boohoo said in a separate statement.
It added that it plans to rebuild and relaunch the Debenhams online platform, as Boohoo looks to lead the fashion e-commerce market by entering into news areas including beauty, sports and homeware.
"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."
Related Topics
Recent Stories
Sharjah Animation Conference explores cross-cultural collaboration opportunities ..
Sharjah Public Library provides countless opportunities for young imaginations t ..
Sharjah Police launches 'Your belongings, your responsibility' awareness campaig ..
Dubai Police displays Innovative Tourism Security Services at 'ATM 2024'
Mohammad Haris, Aamir Jamal not part of national squad for Ireland, England: Bab ..
Erdogan opens former church to Muslim worshippers
Cultural events hallmark of a nation, Director RAC
Iraq hangs 11 convicted of 'terrorism': security, health sources
Stocks rise on renewed hopes of rate cuts
PM assures all-out support to Saudi investment
S.Africa building collapse traps 48 workers: city hall
Nilofar lauds efforts for development of national document aimed promoting balan ..
More Stories From Business
-
Stocks rise on renewed hopes of rate cuts
4 hours ago -
Seminar organized to mark World IP Day
4 hours ago -
Curbing illicit trade, counterfeiting crucial for Pakistan's economic renaissance: TRACIT
4 hours ago -
SARVP of WB meets Minister for Finance
4 hours ago -
Peace vital for sustainable development: Ahsan Iqbal
5 hours ago -
'Students should be equipped with modern education to gear up socioeconomic uplift'
5 hours ago
-
'Tajir Dost Scheme's application introduced'
5 hours ago -
Efforts on for producing skilled manpower: Ch. Shafay
7 hours ago -
World Bank delegation calls on Shaza Fatima
8 hours ago -
"Empowering Commuters: Zindigi, Sindh Govt, Mastercard, & People Bus Service First Open Loop Transit ..
8 hours ago -
Stocks rise on renewed hopes of rate cuts
8 hours ago -
KSA, Pakistan economic partners, share common vision: Al Mubarakon
8 hours ago