On 65438+February 1 day local time, Debenham, a British retail giant with a history of more than 230 years, announced that the company had to close down because it failed to find a buyer after applying for bankruptcy protection. One day ago, another well-known British retailer, Arcadia Group, also announced the initiation of bankruptcy liquidation procedures.
The management of Debenham Company said that due to the long-term impact of the COVID-19 epidemic and the "high uncertainty" of the restructuring business prospect, the company had no choice but to go bankrupt and liquidate, but continued to seek all or part of the tender offer.
Extended data
Debenham has been struggling:
Debenham, a 232-year-old British department store chain, has been struggling for years, because consumers have turned to online shopping and the number of customers has been declining. The blockade measures to curb the spread of COVID-19 became the last straw to crush the company. In April this year, the company filed for bankruptcy protection and sought a buyer to take over. Since May, the company has laid off 6,500 people in physical stores.
Debenham was forced to make a liquidation on the day of 65438+February 1 with the failure of the acquisition negotiation with British sports fashion brand JD Sports. One of the reasons why JD.COM Sports gave up its intention to acquire Debenham was that Acadia Group, Debenham's largest leasing partner, declared bankruptcy on the evening of165438+1October 30th. Arcadia, a retail giant with brands such as Topshop and Burton, has started bankruptcy liquidation procedures. All the employees in this enterprise 13000 have lost their jobs.
Newspapers.-Too bad! In one day, the two giants went bankrupt! The future of 25,000 employees is uncertain! Absolutely devastating!