Debenhams Brand Sold for £55 Million, All Stores to Close
UK department store Debenhams has sold its brands and websites to online fashion retailer boohoo group PLC, Debenhams’ administrators FRP Advisory confirmed on Monday.
boohoo has paid a cash consideration of £55 million ($75 million) to acquire the global rights to the Debenhams brand, all its in-house brands, and its websites.
The 243-year-old business, which went into liquidation in December 2020 due to the impact of the CCP virus pandemic, will see its remaining 118 stores closed permanently, and up to 12,000 jobs lost once the liquidation sale is finished.
The UK’s four nations are currently under another round of stringent lockdowns, under which businesses deemed non-essential are not allowed to open.
North Wales Debenhams stores set to close with hundreds of retail workers to lose their jobs dailypost.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailypost.co.uk Daily Mail and Mail on Sunday newspapers.
UK online fast fashion retailer Boohoo Group has inked a deal to buy the Debenhams brand for GBP55m (US$75.2m) in a move aimed at furthering its ambition to create the UK s largest marketplace and grow into new categories including beauty, sport, and homeware.
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