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Debenhams To Make More Redundancies

Debenhams store

Struggling department store chain Debenhams has confirmed it is to make a further 2,500 redundancies, following on from the 4,000 job cuts it announced in May.

The total is equivalent to a third of Debenhams' total headcount. 

Store and distribution roles are understood to be affected and no further stores are expected to close as a result of the announcement.

Debenhams fell into administration in April 2020 for the second time in a year. 

In July, Debenhams announced it had reopened 124 stores and was trading ahead of expectations, advising that administrators - Geoff Rowley & Alastair Massey of FRP Advisory - have initiated a process to assess ways for the business to exit its protective administration.  The range of possible outcomes could include the current owners retaining the business, potential new joint venture arrangements (with existing and potential new investors) or a sale to a third party. 

The administrators said they will be guided by what delivers the best outcome for creditors.

Source : Insight DIY Team

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11 August 2020

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