Debenhams confirms that all UK stores will close as it begins a liquidation process
Department store chain Debenhams has announced that all 124 UK stores will close after talks to secure a rescue deal with JD Sports fell through.
Debenhams have confirmed that it will start a liquidation process after JD Sports announced on Tuesday, December 1 that it was pulling out of a rescue deal for the 242-year-old troubled department store chain.
It means that around 12,000 employees will sadly lose their jobs once stores close – although no official date has been given as to when this will be.
All 124 stores across the UK will continue to trade, along with online purchases to clear the current and contracted stocks.
The high street chain said its administrators have “regretfully” decided to start winding down operations while continuing to seek offers “for all or parts of the business”.
A short statement from the company said: “On conclusion of this process, if no alternative offers have been received, the UK operations will close.”
Debenhams, which has been in administration since April, have already cut 6,500 this year and it was confirmed in June that the Metro Centre store would close for good.
JD Sports was the last lifeline for the retailer and it is understood that the collapse of the Arcadia Group, which is the biggest operator of concessions in Debenhams stores, put the final nail in the coffin.
The sports chain released a brief statement, saying: “JD Sports Fashion, the leading retailer of sports, fashion and outdoor brands, confirms that discussions with the administrators of Debenhams regarding a potential acquisition of the UK business have now been terminated.”