By Gemma Goldfingle2019-05-09T09:01:00
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.
Please sign in now if you have a subscription
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.