MPs call for retail sector support following ‘dark week’ for high street December 2, 2020 MPs have called on business secretary Alok Sharma to announce what support will be given to the high street following a “dark week” for the retail sector, which has seen more than 25,000 jobs put at risk. Darren Jones MP, chair of the Business, Energy and Industrial Strategy (Beis) Committee, asked for detail on the [...]
Debenhams closure: What next for struggling retail landlords? December 1, 2020 Retail landlords are set to take a multimillion pound hit following the collapse of Debenhams and Arcadia’s fall into administration, and could struggle to fill the space left by closed flagship stores. Many property owners, which have already been impacted during the pandemic due to a spike in retail restructurings and renegotiated rents, will lose [...]
Debenhams closure: Timeline of department store chain’s collapse December 1, 2020 Department street chain Debenhams announced this morning that it is preparing to close down after failing to attract a buyer, but the former high street giant’s problems stretch back over several years. Earlier this year the struggling retailer entered administration for the second time in 12 months, even before Covid-19 forced it to close its [...]
JD Sports to quit Debenhams rescue talks today December 1, 2020 JD Sports is expected to pull out of rescue talks with high street department store Debenhams today. The sports retailer was the last remaining bidder for Debenhams, which is in administration, and up until last week was ready to go ahead with the deal, according to the BBC. The recent collapse of Arcadia is understood [...]
Philip Green’s Arcadia collapse to push Debenhams to the brink November 29, 2020 The imminent collapse of retail group Arcadia will push Debenhams to the brink of liquidation, as potential buyer JD Sports considers backing out of the deal. JD’s board was supposed to decide whether to go through with the Debenhams acquisition by the end of last week, but has had second thoughts after learning that Arcadia [...]
JD Sports in exclusive talks with Debenhams to buy department store November 24, 2020 JD Sports is in exclusive talks with Debenhams that would see the troubled department chain acquired by the sportswear business, according to reports. Debenhams fell into administration in April for the second time. The coronavirus has hit the destitute department store hard, with stores closed and thousands of jobs axed due to the virus. According [...]
Retail tycoon Mike Ashley ‘furious’ after being ‘frozen out’ of Debenhams sale November 1, 2020 Retail mogul Mike Ashley is reportedly “furious” about being “frozen out” of an auction for collapsed department store Debenhams. The Sunday Times reported that lawyers for the tycoon have spent the last week complaining to Lazards and law firm Freshfields that Ashley’s Frasers Group had been given “woefully inadequate” information on the sale. Last week [...]
Retail mogul Mike Ashley makes fresh bid for Debenhams October 18, 2020 Sport Direct tycoon Mike Ashley has reportedly made a fresh bid for Debenhams, reviving his long-standing pursuit of the department store chain. The retail billionaire this month submitted an improved offer as the auction for Debenhams nears its final stages, the Sunday Times reported. Debenhams, which collapsed into administration in April, has hired Lazard to [...]
Debenhams boss insists retailer is not on a cliff edge September 4, 2020 The chairman of Debenhams has insisted that the struggling department store chain is not facing a cliff edge. Chairman Max Gifford said the business, which recently entered administration for the second time in a year, has been doing better than expected. Fears have been mounting about the retailer’s future following reports that Administrator FRP Advisory [...]
Debenhams sets bidding deadline for potential buyers September 1, 2020 Struggling department store chain Debenhams has set a deadline for potential buyers to make offers for the company today as it seeks to avoid further closures and job losses. Investment bank Lazard, which is overseeing the sales process, has set a deadline of 5pm this afternoon, Sky News reported. Debenhams recently entered administration for the [...]