Aug 16, 2020
Debenhams hires liquidator in contingency plan
Debenhams has appointed a firm to draw up contingency plans for a possible liquidation of the department store. Last week Debenhams said it would axe 2,500 more jobs, on top of 4,000 cuts it announced in May. Debenhams filed for administration in April - the second time in a little over a year - and is examining options to exit the process. If the administrators, FRP Advisory, fail to find a buyer or new investment, Debenhams faces liquidation - putting 14,000 jobs at risk. Prior to last year's administration, Sports Direct owner Mike Ashley had proposed injecting £200m into Debenhams. The offer from Mr Ashley, who also owns House of Fraser, was rejected and Debenhams entered a pre-pack administration which allowed it to keep trading.
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