May 9, 2019

Debenhams administrators reject all bids

The owners of Debenhams have said administrators have rejected all takeover bids for the struggling firm. Celine took control in April after key Debenhams shareholder Sports Direct had made several offers to take it over. Debenhams is the biggest department store chain in the UK with 166 stores. Celine's Stefaan Vansteenkiste said the investor consortium was a "Committed long-term owner" which had pumped £200m in fresh funding into Debenhams "For the financial restructuring process and to fund the company's operating turnaround". "Debenhams executive chairman Terry Duddy said:"I am pleased that our new owners have confirmed their commitment to Debenhams and remain supportive of our plans to restructure the business.

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