Major U.K. department store Debenhams has entered administration due to challenges exacerbated by COVID-19.

License Global

April 15, 2020

1 Min Read
PR_Debenhams_58711000381324.jpg

As the U.K. maintains its lockdown procedures, footfall on the high street is putting major retailers under pressure. The most recent casualty of the surmounting retail changes is Debenhams, who announced the appointment of administrators on April 9.  

With 142 stores closed due to government advice to prevent the spread of the outbreak in the U.K., Debenhams is now suspending trading in its 11 Irish stores and continues to trade online across both regions as the Administrators work on the brand.

“In these unprecedented circumstances the appointment of the administrators will 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," ays Stefaan Vansteenkiste, chief executive officer, Debenhams in an official statement. "We anticipate that our highly supportive owners and lenders will make additional funding available to fund the administration period. We are desperately sorry not to be able to keep the Irish business operating but are faced with no alternative option in the current environment. This decision has not been taken lightly and is no way a reflection on our Irish colleagues, whose professionalism and commitment to serving our customers has never been in question.” 

This news proceeds a slew of announcements across the U.K. press that surround an increasingly difficult time for national retailers, as brands such as Oasis and Warehouse are already forecast to enter administration according to BBC News

*Image courtesy of Debenhams.

About the Author(s)

License Global

License Global is the leading news source for the brand licensing industry, delivering award-winning editorial content including news, trends, analysis, and special reports about the global consumer product and retail marketplace.

Through its print edition, website, daily e-newsletter and event publications, License Global reaches more than 150,000 executives and professionals in all major markets. The magazine also serves as the official publication for the sector’s trade events, which include Licensing Expo, Brand Licensing Europe, Licensing Expo Japan, Licensing Expo Shanghai and the Licensing Leadership Summit.

Subscribe for updates directly into your inbox.

 

 

 

Subscribe and receive the latest news from the industry Article
Join 62,000+ members. Yes, it's completely free.

You May Also Like