Apr 17, 2020

Debenhams strikes deals to rescue most stores

AFP Debenhams says it has struck deals with landlords to keep most of its 142 stores open after it fell into administration last week. "We have agreed terms on the vast majority of our UK stores and talks are proceeding positively on the remainder, positioning us to reopen these stores when government regulations permit." "Regrettably we have been unable to reach agreement on seven stores and these will not be reopening, and I'd like to express my thanks to our colleagues in these stores at what I know is a difficult time for everyone." In all, 422 employees across the seven stores will be affected and have been informed, Debenhams said. Debenhams is currently in what it describes as a "Light touch" administration to protect it from legal action from creditors while its department stores are closed.

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