Debenhams to file for administration

Department store group Debenhams has today (April 6)  filed a Notice of Intent (“NOI”) to appoint an Administrator in the UK, due to the “unprecedented circumstances” of the Covid-19 pandemic. The retailer states that administration will provide protection from creditors in the short term and ensure the business is able to trade via its stores again after the lockdown period.

Debenhams is continuing to trade online in the UK, Ireland and Denmark while its 142 UK stores are shut. The retailer states that it has the support of its lenders (with a plan to provide the funding for the administration) and will continue to communicate fully with suppliers. Payments to suppliers who continue to provide goods and services during the administration will remain unaffected and be paid to terms.

Above: Debenhams continues to trade online within government guidelines, with Easter offers including 30% off kitchenware and tableware. Image from www.debenhams.com/
Above: Debenhams continues to trade online within government guidelines, with Easter offers including 30% off kitchenware and tableware. Image from www.debenhams.com/

Stefaan Vansteenkiste, ceo of Debenhams said the group hopes to reopen as many stores as possible when the lockdown restrictions are lifted. He comments:

“These are unprecedented circumstances and 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.”

The Group has appointed Geoff Rowley and Alastair Massey of FRP Advisory to advise in relation to the possible administration.

Top: The temporary closure of Debenhams’ 142 UK stores in the coronavirus lockdown is prompting the retailer to appoint an administrator.

MORE NEWS
Copy of Progressive Preschool featured image (6)
 
As we near the end of another year, Housewaresnews.net takes a look back at the highs and lows of the housewares industry in 2024. ...
Copy of Progressive Preschool featured image (63)
 
Sostrene Grene will open a new 45,000 square metre distribution centre in the Netherlands to improve delivery efficiency for stores and customers. ...
Copy of Progressive Preschool featured image (14)
 
Independent retailers have weathered one of their most challenging years, with multiple headwinds affecting the sector, according to BIRA....
Copy of Progressive Preschool featured image (9)
 
Industry charity, the Rainy Day Trust has thanked prize givers while helping rise much-needed funds. ...
Copy of Progressive Preschool featured image (8)
 
Running from 16 December to 15 January, the interactive pop-up showcases new exclusive colours in the Quencher....
Copy of Progressive Preschool featured image (7)
 
Spring Fair has launched a competition to win £1000 to spend at the February 2025 show. ...
Get the latest news sent to your inbox
Subscribe to our daily newsletter

The list doesn't exist! Make sure you have imported the list on the 'Manage List Forms' page.