On 9 April 2020, Debenhams entered administration again, exactly one year after having entered administration previously. department store group announces that Geoff Rowley. The company was first listed on the London Stock Exchange in 1928, shortly after it had purchased fellow retail group Drapery Trust. ", "Debenhams to close only Australian store", https://en.wikipedia.org/w/index.php?title=Debenhams&oldid=984034703, Companies that have entered administration in the United Kingdom, Companies listed on the London Stock Exchange, Short description is different from Wikidata, Pages using infobox company using trading name, Creative Commons Attribution-ShareAlike License. For other inquiries, Contact Us. In short, the owners wanted to push the business into administration and then buy it back debt-free.
[28] In April 2012 the company announced it would be building 14 new stores, and was in negotiations over a further 25 sites in the UK. By Michelle Russell | 24 August 2020. The tycoon, who himself rescued House of Fraser, had submitted a series of alternative plans aimed at shoring up the company under his leadership but was rebuffed. [51] On 9 April 2020, the company went into administration. The move is not expected to impact Debenhams' trading. Stores in Bournemouth and Torquay continue to trade as Debenhams (2020). This followed the purchase of a stake in Debenhams by Mike Ashley, the owner of Sports Direct, in January 2014. The job cuts will be mostly in the store management positions; the sales manager, visual merchandise manager and selling support manager roles are set to be axed. It comes on the same day that airline Jet2 is to cut more than 100 pilot jobs, according to the British Airline Pilots Association (Balpa) union. "Our priority is to save as many stores and as many jobs as we can, while making the business fit for the future," he said. This service is provided on News Group Newspapers' Limited's Standard Terms and Conditions in accordance with our Privacy & Cookie Policy. Debenhams plc is a United Kingdom-based company, which is engaged in multi-channel business. ", "Roches Stores v Debenhams: So who are the Roche family? DEPARTMENT store chain Debenhams has gone into administration for the second time in a year. Debenhams owner calls in FRP to advise on own administration Celine claims that their own administration will not affect Debenhams’ sales, staff, customers or suppliers
You are also entitled to appeal the decision by claiming unfair dismissal within three months of being let go. For sale: Debenhams hunts for new owner as department store giant brings in City big hitters to get deal done by end of September. [42], In February 2018, the company announced a reduction of up to 320 store management roles across the business by the end of March. The Company's segments are UK and International. [36] On 13 January 2014 4.6% of Debenhams shares were bought by Sports Direct, the retailer run by Mike Ashley. [64] Debenhams followed this in December 2016 with a plan to discontinue its Betty Jackson Black ladies fashion brand, and significantly reduce its Jeff Banks menswear range in favour of expanding the Hammond & Co. [40], During 2017 Debenhams opened two new stores, one in Stevenage and one in Wolverhampton. Half a week’s pay for each full year you were under 22. The headquarters are in Regent's Place in the London Borough of Camden and the company owns the Danish department store chain, Magasin du Nord.
[11] The business diversified during the 1970s buying South East based supermarket group Cater Brothers in 1972, after the death of its chairman Leslie Cater. [72] The store in Australia closed in January 2020. The range of goods sold includes clothing, household items and furniture. [60] Later that year, Debenhams also launched trials of Costa Coffee and Mothercare concessions within stores. [7] In 1837, Clark retired from the business and Debenham assumed two of his most trusted staff, William Pooley and John Smith, as partners, trading in both London and Cheltenham as Debenham, Pooley & Smith. [37][38] Sports Direct sold its shares on 16 January 2014, although they took out an option to buy further shares up to a total of 6.6%. The majority of the original trading names of the stores, in each of their respective locations, were replaced with the "Debenhams" name during the 1970s.
1976 saw the acquisition of Brown's of Chester, the only store which retained its original name when all others were re-branded Debenhams in 1977 (this continues to be the case today). At the time, the retailer said it had been forced to make "difficult decisions" following harsh trading conditions. It’s our best ever membership offer – just for you.
With Britain in lockdown during the pandemic, Debenhams' 142 UK stores are currently closed. The company also operates a loyalty card programme, branded the Debenhams Beauty Club, where customers can collect points with the purchase of health and beauty products. The owner of Debenhams has allegedly drawn up plans for the liquidation of the 242-year-old department store Credit: AFP or licensors. All department stores in the group now trade as "Debenhams" (although the store in Chester is still dual-signed as Debenhams and Browns of Chester).[69]. "The administrators have appointed advisors 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.
Using the new purchasing power Debenhams modernised its 40 food halls within its stores, branding them Cater's Food Halls, and opened two new Cater superstores. Credit: Debenhams Press.
Regrettably, due to the challenges facing Debenhams Retail (Ireland) Ltd the directors. Principles operated concessions within 121 Debenhams stores, and was subsequently relaunched by Ben de Lisi as part of the Designers at Debenhams range. The talks underline the determination of Debenhams' new owners - a group of banks and largely American hedge funds - to press ahead with a root … British Airways currently holds the record for the most jobs cut in one go due to the impact of the pandemic, with 12,000 employees at risk of being out of work - although this figure is under review and could be reduced. For further details of our complaints policy and to make a complaint please click here. In April last year, Debenhams first went into administration, wiping out equity investors - including Mike Ashley's Sports Direct - and is now owned by lenders consortium Celine UK NewCo 1 Ltd. "Debenhams continues to trade online across the UK, Ireland and Denmark while the lockdown continues. [42], In February 2018, the company announced a reduction of up to 320 store management roles across the business by the end of March. [35] On 2 January 2014, the company's chief financial officer Simon Herrick resigned, following criticism of his financial decisions. George Hewitt appears to have worked at the Cheltenham store as a draper's assistant during the early 1860s but details of his subsequent career are not known. The consortium comprised CVC Capital Partners, Texas Pacific Group, Merrill Lynch Global Private Equity, and management. [58] The idea put designer names and brands at High Street prices, including Jasper Conran, John Rocha, Butterfly by Matthew Williamson, H! half price deals across fashion, home and beauty on selected lines. The retailer currently employs around 14,000 members of staff who could be at risk of redundancy if the chain doesn't survive.
Brands in stores include Oasis, Coast, Phase Eight and Warehouse. The consortium comprised CVC Capital Partners, Texas Pacific Group, Merrill Lynch Global Private Equity, and management. ", "Roches Stores v Debenhams: So who are the Roche family? Such difficult decisions are being taken by many retailers right now, and we will continue to take all necessary steps to give Debenhams every chance of a viable future. Stores in Denmark trade under the Magasin du Nord brand. [31], Debenhams moved to a new headquarters in 2013, in Brock Street, London. [28] In April 2012 the company announced it would be building 14 new stores, and was in negotiations over a further 25 sites in the UK. [7], Extended and refurbished premises opened in Cheltenham in October 1844. [7], Extended and refurbished premises opened in Cheltenham in October 1844. [22] A private consortium named Baroness Retail Limited acquired the company in November 2003,[23] and it returned to a listing on the London Stock Exchange in 2006. ⚠️ Read our coronavirus live blog for the latest news & updates. [52], In April 2020, Debenhams closed 7 stores in the UK and will be closing 5 more in the UK when the Coronavirus restrictions are lifted.
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