Retailer Debenhams on the brink of collapse
One of the UK’s oldest department stores is on the verge of collapse as the coronavirus-induced recession continues to ravage the British economy.
According to Sky News, the 242-year old retailer has appointed advisory firm Hilco Capital, to help it unwind its operations if a sales offer falls through.
Debenhams has been in administration since April, when the coronavirus-related lockdown had a chilling effect on the UK’s retail industry.
Earlier this month the department store – alongside its hedge fund backers – launched an auction through the investment bank Lazard to identify and secure new investors.
However, most retail analysts believe the company is unlikely to find a new buyer in its current form.
In a statement this weekend, a spokesman for Debenhams had this to say about the company’s immediate future: "The administrators have appointed advisors [Hilco Capital] to help them assess the full range of possible outcomes which include the current owners retaining the business, potential new joint venture arrangements (with existing and potential new investors) or a sale to a third party".
Founded in 1778, Debenhams is one of Britain’s best known retailers, which currently operates from 120 department stores across the country and employs 14,000 people.
The company’s expected collapse in the coming weeks would constitute the coronavirus pandemic’s biggest British retail victim to date.
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