Magasin du Nord, the Danish department store business formerly owned by Debenhams, has been sold for an undisclosed sum.

German-based fashion giant Peek & Cloppenburg has bought Magasin, a standalone business that carried on trading as its parent Debenhams collapsed.

Magasin du Nord, which sells from seven branches, including two in Copenhagen, and online, was seen by some as Debenhams’ jewel in the crown.

It has previously been reported that Magasin could be valued at as much as £200m. Before the Covid outbreak disrupted trading, it generated annual sales equivalent to about £350m.

Peek & Cloppenburg, which sells online and from 140 stores in 15 countries, bought Magasin from Department Store Realisations Limited, formerly trading as Debenhams.

Magasin was acquired by Debenhams in 2009 for £12.3m and the deal represented the British retailer’s ambitions to expand internationally.

However, Debenhams, undermined by changing consumer behaviour and the impact of the Covid pandemic, collapsed into administration and liquidation started in December last year. The brand was bought by pureplay fashion giant Boohoo and is now online only.

Similarly to Aldi, privately owned Peek & Cloppenburg is split into two companies: Peek & Cloppenburg KG Düsseldorf (referred to as P&C West) and Peek & Cloppenburg KG Hamburg (or P&C North).