• Latest
  • Trending
  • All
  • Lifestyle
  • What's On
Debenhams bosses prepare for liquidation as thousands of jobs under threat

Debenhams bosses prepare for liquidation as thousands of jobs under threat

August 15, 2020
Asda, Sainsbury’s, Waitrose, Co-op recall seafood products in salmonella alert

Asda, Sainsbury’s, Waitrose, Co-op recall seafood products in salmonella alert

January 24, 2021
Coventry City ‘poised to sign’ promising left-back from Scottish side

Coventry City ‘poised to sign’ promising left-back from Scottish side

January 24, 2021
How long the Met Office say it is going to snow for in each area of Warwickshire

How long the Met Office say it is going to snow for in each area of Warwickshire

January 24, 2021
Leicestershire food businesses which could be named best in the UK at the Farm Shop and Deli Awards

Leicestershire food businesses which could be named best in the UK at the Farm Shop and Deli Awards

January 24, 2021
Devon cliff railway makes another engineering first with ultrafast broadband

Devon cliff railway makes another engineering first with ultrafast broadband

January 24, 2021
‘Gold dust’ moment with Pep, players doing themselves proud and back to work on Monday morning – Cheltenham Town Michael Duff after the FA Cup defeat by Man City

‘Gold dust’ moment with Pep, players doing themselves proud and back to work on Monday morning – Cheltenham Town Michael Duff after the FA Cup defeat by Man City

January 23, 2021
Dean Smith makes surprise Aston Villa selection for Newcastle United

Dean Smith makes surprise Aston Villa selection for Newcastle United

January 23, 2021
Man charged with attempted murder after woman rushed to hospital in Rutland

Man charged with attempted murder after woman rushed to hospital in Rutland

January 23, 2021
Decision to suspend season ‘most palatable’ for Hereford FC

Decision to suspend season ‘most palatable’ for Hereford FC

January 23, 2021
Why Aldi checkout staff are looking different today after new rule brought in

Why Aldi checkout staff are looking different today after new rule brought in

January 23, 2021
Lidl investigating after shopper given warning over Facebook post

Lidl investigating after shopper given warning over Facebook post

January 23, 2021
The area of Coventry with the most vehicle crimes

The area of Coventry with the most vehicle crimes

January 23, 2021
  • Contact
Sunday, January 24, 2021
  • Login
Midlands Lifestyle
  • Home
  • Arts & Culture
  • Lifestyle
  • News
  • Sport
  • What’s On
No Result
View All Result
Midlands Lifestyle
No Result
View All Result
Home What's On

Debenhams bosses prepare for liquidation as thousands of jobs under threat

by Midlands Lifestyle Team
August 15, 2020
in What's On
0
Debenhams bosses prepare for liquidation as thousands of jobs under threat
62
VIEWS
Share on FacebookShare on Twitter

Debenhams is looking at the possibility of going into liquidation if rescue plans fail, it has been revealed.

Total closure of the department store chain would threaten thousands of jobs.

It is understood restructuring firm Hilco Capital has been appointed to work on “contingency plans” with the retailer in the event that a sales process for the well-known British high street brand fails.

Debenhams, which has 124 stores and employs a reported 14,000 staff across the UK, collapsed into administration four months ago and announced plans to axe 2,500 jobs throughout its stores and warehouses earlier this week.

After lockdown shut down all businesses in Birmingham city centre in mid-March, the Bullring branch of the store reopened on June 17 – six weeks to the day after employees thought they had all been made redundant.

The smaller Debenhams unit at Fort Shopping Park in Erdington closed for good on January 11.



Debenhams in the Bullring – view from Dudley Street looking down Edgbaston Street.
(Image: Graham Young / BirminghamLive)

Debenhams staff at the Bullring had been told on May 6 that they were all to lose their jobs because the store was being axed and would not reopen after lockdown.

Less than a week later, workers were told the branch was not closing down after all and it then started trading again in mid-June as coronavirus restrictions eased.

But the threat of closure still looms if the company’s attempts to find a rescue deal do not succeed.

A source close to the company said administrators were required to have liquidators on standby “in the unlikely event that all other options for the business do not materialise”.

A spokesman for the retailer said: “Debenhams is trading strongly, with 124 stores reopened and a healthy cash position.

“As a result, and as previously stated, the administrators of Debenhams Retail Ltd have initiated a process to assess ways for the business to exit its protective administration.

“The administrators have appointed advisers 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.”

Hundreds of jobs have already been lost at the more than 200-year-old retailer since the start of lockdown after it permanently shut 18 stores.

In April, it hired administrators from FRP Advisory in a protective measure against creditors demanding their money.

Hilco Capital has been contacted for comment.

More than 4,300 job losses have been announced this week by major British retailers and more than 730,000 UK workers have been taken off payrolls since March.



Source link

Tags: bossesDebenhamsjobsliquidationpreparethousandsthreatwhatson
Share9Tweet6
Midlands Lifestyle Team

Midlands Lifestyle Team

Categories

  • Arts & Culture (64)
  • Lifestyle (114)
  • News (1,005)
  • Sport (749)
  • What's On (759)
  • Contact

Copyright © 2020 Midlands Lifestyle

No Result
View All Result
  • Home
  • Arts & Culture
  • Lifestyle
  • News
  • Sport
  • What’s On

Copyright © 2020 Midlands Lifestyle

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In