The British department store chain Debenhams, which employs 12,000 people, declared itself on the verge of being liquidated on Tuesday after talks with a buyer failed in the wake of the bankruptcy of the ready-to-wear group Arcadia.
Debenhams, which filed for bankruptcy in April, will begin to sell off its stocks and, if at the end of the process no buyer has come forward, the sign will be forced to cease operations altogether, according to a press release.
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With the probable disappearance of this chain, whose origins date back to the end of the 18th century, a page in the history of British trade will close.
It was one of the last department store chains still in operation, having seen bankruptcies on the rise in recent years.
If the pandemic dealt it a fatal blow, the setbacks of Debenhams are not new, suffering from a drop in footfall to its stores in the face of competition from online sales as well as rents that have become too expensive.
The end of its history is precipitated by the bankruptcy of the Arcadia group, which includes brands such as Topshop, Dorothy Perkins and Burton, whose stores under concession are very present at Debenhams.
The latter hoped to be taken over by the sporting goods chain JD Sports which announced Tuesday morning that discussions on a takeover had not been successful.
Minutes later, Debenhams was forced to admit that his future was no longer secure.
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For now, Debenhams continues its activities but stocks will be sold in its 124 British stores while the administrator, the firm FRP, will try one last time to find a buyer.
The procedure does not concern its Magasin du Nord banner in Denmark.
"
The economic landscape is extremely complicated and the uncertainty facing trade in the UK means that an agreement could not be reached
", hence the decision "
to go towards a closure program
", according to Geoff Rowley, partner at FRP.
