Debenhams is all Over After Failing to Find A Buyer for Liquidating Process
The British Department store retailer Debenhams is facing liquidating after failing to find a buyer as according to the administrators FRP Advisory on Tuesday where FRP will commence a wind-down of the business which was founded back in 1778 which will also affect 12,000 jobs mainly in the UK with 124 stores in UK and Denmark.
Debenhams was first placed in administration on 9 April last year after a result of 22 stores being closed and rent out to reduce off their burden and a second administration come exactly 12 months later this year. According to its website, Debenhams has 45 stores under licensing agreements in 17 countries which are Malaysia, the Philippines, and Pakistan in Asia. While the remainder of the franchises is in Eastern Europe and the Middle-East.
FRP also announced that the given time for the current trading environment and prolonged effect of the Covid-19 pandemic while looking for a restructured operation is highly uncertain in which if there is no alternative offers received then the UK operations will be closed down.
