The online fashion retailer has purchased the Debenhams brand and website for a cost of £55M.
Debenhams administrators, FRP Advisory has today confirmed that boohoo group has signed an agreement to buy the Debenhams brand and other business assets including all the in-house brands and websites. The acquisition will take full effect once the current stock is completely liquidated.
Although all Debenhams stores will close under the new agreement, the transaction will allow a new Debenhams-branded business to emerge under strong ownership, including an online operation and the chance to secure an international franchise network.
Once Debenhams stores are able to reopen and the stock liquidation can continue in stores, the website will be operated by boohoo. The closing down store sale will continue in stores for several weeks until the liquidation of stock in completed.
Geoff Rowley, Joint Administrator and Partner of FRP Advisory, commented: “We are pleased to have secured the future for this great brand, and to have created the opportunity for a new Debenhams-branded business to emerge in a different shape beyond the pandemic.”
