Debenhams’ future in doubt after takeover talks collapse

cde.news desk 1 December 2020, 10:43 · 1 min read

epa07118558 Pedestrians pass a Debenhams store in Oxford Street in London, Britain, 25 October 2018. According to news reports Debenhams has confirmed plans to shut fifty of it stores across the UK. Some 5,000 jobs may be at risk. EPA-EFE/ANDY RAIN

The future of struggling British department store chain Debenhams is in doubt after JD Sports Fashion said on Tuesday it would not pursue a rescue takeover.

“JD Sports Fashion…confirms that discussions with the administrators of Debenhams regarding a potential acquisition of the UK business have now been terminated,” it said.

JD’s decision follows the collapse of Philip Green’s Arcadia fashion group into administration on Monday. Arcadia concessions in Debenhams stores account for about 5% of Debenhams’ sales.

Debenhams, which in April went into administration for the second time in a year, trades from 124 stores and employs 12,000.

The retailer is owned by a lenders’ consortium called Celine UK NewCo 1 Ltd that includes U.S. hedge fund Silver Point Capital. Analysts reckon Debenhams could now face liquidation.

via Reuters

Filed under Retail UK

Topics Fashion

Debenhams’ future in doubt after takeover talks collapse

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