Discount will be available on selected products

No products in the cart.

Debenhams to appoint administrators for second time in a year | Business

Debenhams has confirmed it intends to appoint administrators for the second time in a year as it tries to protect its assets from creditors during the coronavirus lockdown.

The struggling department store chain said the process would provide it with protection from the threat of legal action “that could have the effect of pushing the business into liquidation while its 142 UK stores remain closed”.

The retailer’s creditors will be prevented from pursuing legal action for 10 working days while the company tries to secure a rescue deal.

The company, which has 22,000 staff, was rescued by its lenders after collapsing into administration only a year ago.

Debenhams said it had the support of its lenders to enter administration and was engaging with its employees and suppliers.

“The group is making preparations to resume trading in its stores once government restrictions are lifted,” the retailer said.

The majority of the group’s employees in the UK are being paid under the government’s furlough scheme following its order for all non-essential stores to close.

Debenhams is continuing to trade online across the UK, Ireland and Denmark, and customer orders, gift cards and returns are being accepted and processed normally.

Source link