Boohoo has signed an agreement to buy the Debenhams brand and other business assets including all in-house brands and websites; which will take full effect following the completion of the current stock liquidation programme, which is continuing online.
The transaction will allow a new Debenhams-branded business to emerge under new ownership, which will include an online operation and the opportunity to secure an international franchise network that will operate under licence using the Debenhams name.
Boohoo group plc has paid a cash consideration of £55 million to acquire the global rights to Debenhams brands and its websites, and once stores are able to reopen, operations will be undertaken by Boohoo.
Geoff Rowley, Joint Administrator and Partner of FRP Advisory, said: “I expect that the agreement with Boohoo may provide some job opportunities but we regret that this outcome does not safeguard the jobs of Debenhams’ employees beyond the winding down period.”
