More than two centuries later, British retailer Debenhams closes down

British retail chain Debenhams will close all stores in the UK after 242 years of activity because no buyer has been found, putting 12 jobs at risk.

Debenhams
Debenhams

Founded in London in 1778 - eight years after Thomas Cook arrived in Australia - Debenhams has been in financial difficulty for some time and has gone into insolvency for the second time this year, at the request of the hedge funds American Silver Point Capital, owner of the company.

According to the agency, "the insolvency practitioners, FPR advisory, said that" due to the current context and the possibly prolonged effects of the Covid-19 pandemic, the restructuring process is very uncertain ".

Therefore, the FPR advisory will start the process of selling assets from Debenhams which, following the Arcadia Group, British fashion empire, collapsed on Monday because of the Covid-19 pandemic.

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