The chain store Debenhams has put itself back on the market in a last minute attempt to avoid liquidation.
Investment Banker Lazard has been appointed to oversee the sale, the third attempt this year. The chain had debts of £600 million prior to having to close all 142 stores due to the coronavirus crisis.
The retail sector in general is suffering badly with John Lewis closing eight stores and Marks and Spencer’s announcing the loss of nearly a thousand jobs last week.
Debenhams is a British multinational retailer operating department stores in the United Kingdom and Denmark. With franchise stores in other countries. The company was founded in the eighteenth century as a single store in London and has grown to 142 locations across those countries.
With 25,000 employees in 2019, this could be yet another knock to the UK economy.
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