Debenhams is set to go into liquidation putting 12,000 roles at risk after JD Sports confirmed it had withdrawn interest in buying the ailing department store chain.
Debenhams is set to close its 127 stores, putting 12,000 retail jobs at risk, after the collapse of its rescue talks with JD Sports following the news that Arcadia had slipped into administration overnight.
In a statement this morning, Debenhams administrators FRP Advisory said its “sale process has not resulted in a deliverable proposal” and, given the ongoing effects of Covid-19, “the administrators have therefore regretfully concluded that they should commence a wind-down of Debenhams UK, whilst continuing to seek offers for all or parts of the business”.
FRP said that Debenhams stores will continue to trade “to clear its current and contracted stocks” but after that time, should no alternative buyer step forward, the UK business will be closed. Debenhams’ Danish Magasin du Nord business will not be affected.
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