Debenhams remains in hands of lenders after failed sale process

debenhams canterbury

Debenhams’ sale process ended yesterday with no acceptable bids received as the department store’s creditors, investor consortium Celine, confirmed its commitment to the business.

Celine took control of Debenhams following a pre-pack administration in early April after a protracted battle with Sports Direct founder Mike Ashley, who was vying to take over the department store business.

A for-sale sign was hoisted over Debenhams by Celine but administrators determined that bids received were “not at the level required to be taken forward”.

Celine chief restructuring officer Stefaan Vansteenkiste said: “The investor consortium is a committed long-term owner, which has provided Debenhams with £200m in fresh funding for the financial restructuring process and to fund the company’s operating turnaround.

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