12,000 jobs to be lost as Debenhams goes into liquidation
More than 10,000 jobs are set to be lost as a British department store chain goes into liquidation.
Debenhams is set to go into liquidation after the fall of its biggest concession operator Arcadia group yesterday (30 November).
Rescue deal talks with Mike Ashley’s Frasers Group have now ended, with the sports retailer pulling out after Arcadia went into administration.
The liquidation of Debenhams will see the potential loss of 12,000 jobs after the company placed in administration for the second time in April.
The collapse has been largely caused by the pandemic, but Debenhams had entered administration for the first time before the onset of Covid-19.
The administrators will continue to trade Debenhams’ stores and online business to clear its current and contracted stocks.
FRP, administrator of Debenhams, said: “Given the current trading environment and the likely prolonged effects of the COVID-19 pandemic, the outlook for a restructured operation is highly uncertain.
“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.
“On conclusion of this process, if no alternative offers have been received, the UK operations will close.”
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