The administrators of Debenhams UK, FRP Advisory, has confirmed that Boohoo Group plc has signed an agreement to buy the Debenhams brand and other business assets including all the in-house brands and websites, for £55m.
However, all the stores will permanently close, with the loss of 12,000 jobs.
Geoff Rowley, Joint Administrator and Partner of FRP Advisory, said, “We are pleased to have secured the future for this great brand, and to have created the opportunity for a new Debenhams-branded business to emerge in a different shape beyond the pandemic.
'I expect that the agreement with boohoo may provide some job opportunities but we regret that this outcome does not safeguard the jobs of Debenhams’ employees beyond the winding down period.
'We are very grateful that they have worked tirelessly through this very challenging period and will continue to support the closing down sale. I’d also like to thank the management team, who have worked very hard throughout to protect the business and support us in delivering the best outcome for stakeholders.”
