retail

Debenhams to close all stores with job losses as Boohoo buys brand for £55m


Online retailer Boohoo has acquired Debenhams for £55m in a deal that will see the closure of the high street retailer’s remaining stores.

Boohoo, which is also buying the brands Maine, Manataray, Principles and Faith, said the remaining stores will be wound down when they are in a position to reopen. The group had 143 stores and 12,000 staff at the time it entered administration in December 2019.

“The group will only be acquiring the brands and associated intellectual property rights,” said Boohoo. “The transaction does not include Debenhams’ retail stores, stock or any financial services.”

Boohoo said the Debenhams website receives 300m million visits a year, making it a top 10 retail website in the UK by traffic.

“This is a transformational deal for the group, which allows us to capture the fantastic opportunity as e-commerce continues to grow. Our ambition is to create the UK’s largest marketplace,” said Mahmud Kamani, executive chairman at Boohoo. “Our acquisition of the Debenhams brand is strategically significant as it represents a huge step which accelerates our ambition to be a leader, not just in fashion e-commerce, but in new categories including beauty, sport and homeware.”



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.  Learn more