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INTU Merry Hill is expected to lose its flagship department store after it was announced that all UK Debenhams stores are due to close

Debenhams UK administrators, FRP Advisory, have confirmed that boohoo group plc has signed an agreement to purchase Debenhams’ brands and websites, but all UK stores are set to close permanently

Boohoo Group plc has 55 million Paid GBP to acquire the worldwide rights to the Debenhams brand and other business goods including all internal brands and websites This will take full effect upon completion of the current stock liquidation program, which continues online

As soon as the Debenhams branches can be reopened, if the lock is lifted and the liquidation of the stocks in the branches can continue, the website will be operated by boohoo

The final sale will continue in the branches for several weeks until the liquidation of the shares is complete and the value of those shares is retained for the creditors

However, all UK Debenhams stores will be permanently closed afterwards, including the intu Merry Hill flagship department store

Geoff Rowley, Joint Administrator and Partner of FRP Advisory, said: “We are delighted to have secured the future of this great brand and to have created the opportunity for a new Debenhams branded company to emerge in a different form beyond the pandemic

“I expect the boohoo agreement will provide some employment opportunities, but we regret that this outcome does not protect the jobs of Debenhams employees beyond the winding-up phase

“We are very grateful that you tirelessly got through this very challenging time and that you will continue to support the sale

“I would also like to thank the management team who have worked very hard throughout to protect the company and help us achieve the best outcome for the stakeholders”

Boohoo CEO John Lyttle said, “The acquisition of the Debenhams brand is an important development for the group as we seek to capitalize on additional growth opportunities arising from the accelerated shift to online retail

“We have developed a successful multi-brand direct-to-consumer platform that continues to disrupt the markets in which we operate

“The acquisition offers an exciting strategic opportunity to transform our addressable target market by creating an online marketplace that leverages Debenhams’ high brand awareness and traffic by developing beauty and fashion partnerships that connect brands with consumers”

It is unknown how many jobs in the Merry Hill Store are affected

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Sale of Debenhams, Boohoo, Debenhams

World News – GB – Merry Hill loses flagship department store with Debenhams stores closed

Source: https://www.stourbridgenews.co.uk/news/19036935.sadness-merry-hill-debenhams-stores-set-close/