THE RETAIL BULLETIN - The home of retail news
Click here
Home Page
News Categories
Commentary
Department Stores
Electricals and Tech
Entertainment
Fashion
Food and Drink
General Merchandise
Grocery
Health and Beauty
Home and DIY
Interviews
People Matter
Retail Business Strategy
Property
Retail Solutions
Electricals & Technology
Sports and Leisure
Christmas Ads
Shopping Centres, High Streets & Retail Parks
Retail Events
People in Retail Awards 2024
Retail HR Central 2024
The Future of The High Street 2024
Retail HR Summit
THE Retail Conference
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
Debenhams to appoint administrators to protect business during covid-19 crisis

Debenhams has filed a notice of intention to appoint administrators  as it looks to protect itself from the threat of legal action from creditors while its… View Article

DEPARTMENT STORE NEWS

Debenhams to appoint administrators to protect business during covid-19 crisis

Debenhams has filed a notice of intention to appoint administrators  as it looks to protect itself from the threat of legal action from creditors while its stores are closed during the coronavirus outbreak.

The company said it is preparing to enter a “light touch” administration that will involve its current management team remaining in place under the direct control and supervision of the administrators.

Debenhams has appointed Geoff Rowley and Alastair Massey of FRP Advisory to provide  advice with regard to the possible administration.

Stefaan Vansteenkiste, chief executive of Debenhams, said the move had been made due to unprecedented circumstances.

He added: “We have taken this step to protect our business, our employees, and other important stakeholders, so that we are in a position to resume trading from our stores when Government restrictions are lifted.

“We are working with a group of highly supportive owners and lenders and anticipate that additional funding will be made available to bridge us through the current crisis period.

“With their support and working with other key stakeholders, including landlords, pension trustees and business partners, we are striving to protect jobs and reopen as many Debenhams stores for trading as we can, as soon as this is possible.”

Debenhams is continuing to trade online within the UK, Ireland and Denmark while the covid-19 lockdown continues. However, most of its UK employees are being paid under the government’s furlough scheme due to the clsoure of all of its stores.

Subscribe For Retail News