What: the acquisition of the UK bankrupt department store

Why it is important: Debenhams filed for administration in April 2020 and started liquidating stores in December 2020. After announcing that some stores would permanently shut, the retailer has been bought by UK retail group Boohoo

Boohoo is acquiring the Debenhams brands, its fashion sub-brands (such as Mantaray and Principles), and its websites for GBP 55 million. Retail stores, stock and financial services are not included in the deal. The closing down sale will continue in stores (when allowed to reopen following the government guidelines) and once the stock is liquidated all the UK stores will be permanently closed. Which means that thousands of jobs should be lost.

The acquisition is the opportunity for Boohoo to expand into beauty and homewares, and extend its brand offering. It plans to “rebuild and relaunch the Debenhams [established online] platform […]” in order to operate a giant online marketplace, which will also support the group’s other labels including Pretty Little Things, Nasty Gal, Oasis, and more.

According to Debenhams' press release, the deal does not affect Danish department store Magasin du Nord, which continues to operate independently.

PR: boohoo to acquire certain assets of Debenhams UK [...]

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