Fashion retailer Boohoo (Manchester, U.K.) has bought the Debenhams (London) brand and website. It will not take any of the brand’s remaining stores or its workforce, meaning up to 12,000 jobs at the department store chain will be terminated.
The 242-year-old chain is already in the process of closing, after administrators failed to secure a rescue deal. Closing down sales at 124 Debenhams stores began in December, as administrators sought offers for all or parts of the company. In addition, they recently announced that six shops would not reopen after lockdown, including its flagship store on London’s Oxford Street.
Administrators of Debenhams U.K., FRP Advisory, said they had undertaken a “thorough and robust process” to achieve “the best outcome for Debenhams’ stakeholder,” reports BBC.