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Two big names in the UK are either bankrupt or close to it. The Debenhams network will be closed, and the 242-year-old mark risks disappearing entirely in the absence of a buyer.
The group entered special administration in April and expected glory from JD Sports, but the negotiations ended in failure.
Debenhams operates 124 stores and has 12,000 employees. The company will be managed by a liquidator who will try to sell, totally or partially.
The group had big problems before the pandemic. It was caught off guard with too many brick-and-mortar stores in the transition to online commerce. The pandemic accentuated this maladaptation and in fact brought the verdict.
The Arcadia group also has big problems. He demanded protection from creditors, a form of insolvency. It is the company behind the TopShop network and the Miss Selfridge and Dorothy Perkins brands. Arcadia has 13,000 employees.
Like Debenhams, Arcadia struggled before the pandemic. Last summer, he avoided bankruptcy by restructuring his debt.
Publisher: MB
