Apr 6, 2020

Debenhams files for administration

Chief executive Stefaan Vansteenkiste said the company had opted for administration "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 striving to protect jobs and reopen as many Debenhams stores for trading as we can, as soon as this is possible," he added, although the company did not deny that more stores may close as a result of the administration process. Debenhams went through a "Pre-pack" administration last April, which resulted in its shares being delisted and its lenders taking control. About 20 stores have closed already and plans were in place to close another 28, which would leave just over 100 in the UK. Many observers expect Debenhams will use the administration to close more stores. Debenhams' stores in the Republic of Ireland are not part of the administration.

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