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The department store chain Debenhams is to be liquidated and 12. Put 000 jobs into operation. This will be reported this morning.
The news came after it was discovered Jan.. 000 employees of Sir Philip Green’s Arcadia Group had to wait anxiously after the business collapse in administration.
It’s a blow to Magdalen Street workers who are about to lose their jobs and come after the historic Boswells department store closes earlier this year.
The 12. 000 jobs in the 124 branches of the chain are expected to be vacated in the coming months, provided the administrators do not or only part of the deal during the process.
The Debenhams branches continue to accept the company’s business cards and process returns as usual.
Hilco, the restructuring firm specializing in handling retailers, will hit the stores on Wednesday to begin clearing.
Arcadia, which owns the Topshop, Dorothy Perkins and Burton brands, has hired Deloitte to take the next steps after the pandemic « severely affected » its brands’ sales.
Many Arcadia employees have been working on the concessions of their brands in Debenhams, which is itself hoping for a bailout deal after it went bankrupt earlier this year.
The future of Debenhams is now in doubt. JD Sports is expected to get out of talks to save the department store.
According to Arcadia, which has 444 stores in the UK and 22 overseas, there are currently 9. 294 employees on vacation.
No layoffs have been announced as a result of the appointment and trades will continue to act, administrators said. Many are slated to reopen on Wednesday when England’s lockdown is lifted.
Ian Grabiner, General Manager of Arcadia, said: “This is an incredibly sad day for all of our colleagues, as well as our suppliers and our many other stakeholders.
“The effects of the Covid-19 pandemic, including the forced closure of our stores for an extended period of time, have severely affected trade in all of our brands.
“During this immensely challenging time, our priority has been to protect jobs and maintain the group’s financial stability in the hope that we can overcome the pandemic and fight on the other side.
“Ultimately, given the toughest trading conditions we have ever seen, the obstacles we encountered were far too severe. ”
We seek urgent meetings and reassurances about the efforts that will be made to save jobs, the business continuity plan and the funding of the pension system
The Usdaw retail union has announced that it will urgently seek meetings with the Arcadia administrators to save jobs.
Usdaw National Official Dave Gill said, “Now that Arcadia is in the administration, it is critical that the voice of employees is heard on the future of the company and that it is best done through their union.
« We are seeking urgent meetings and reassurances about the efforts that will be made to save jobs, the business continuity plan and the funding of the pension system.
“In the meantime, we are offering our members the support and advice they need during this very difficult time. ”
The administrators said they would « evaluate all options available, » which could result in brands being sold in separate rescue stores.
Arcadia will continue to consider all online orders placed over the Black Friday weekend and will continue to operate all current sales channels.
Matt Smith, Joint Administrator at Deloitte, said, “We will now work with the existing management team and broader stakeholders to evaluate all options that are available for the future of the group’s companies.
“We intend to continue trading all brands and look forward to welcoming customers back to stores when many of them are allowed to reopen.
“We will look for expressions of interest quickly and expect to identify one or more buyers to ensure the companies’ future success. ”
Economy Minister Alok Sharma said he would « monitor very closely » the administrators ‘report on directors’ behavior and promised that the government would support the workers concerned.
He tweeted: « Within three months, administrators are required to file a report on the conduct of the directors with the bankruptcy service. They will then determine if a full investigation is required. I will watch this process very closely. ”
Sharma added, “This is an extremely challenging time for retailers and we remain committed to supporting them, including with an unprecedented package of corporate support worth $ 280 billion. GBP. ”
Earlier Monday, Mike Ashley’s Frasers Group had announced that an offer for a lifeline for Arcadia worth £ 50 million had been rejected.
It came when MPs asked Sir Philip to cover a shortage in the pension system and asked the Pension Guard to fight on behalf of the group’s workers.
Arcadia has eight core brands including Burton, Dorothy Perkins, and Miss Selfridge (Yui Mok / PA).
A spokesperson for The Pensions Regulator said, “We are aware of the challenges the company is currently facing in these unprecedented times and we continue to work with the Directors, Trustees and their respective advisors, and the PPF to protect the position of the members of the Arcadia pension schemes as much as possible. ”
Stephen Timms, Chairman of the Working and Pensions Committee, called on Sir Philip to raise funds to fill the black hole in pensions, which is estimated at £ 350 million.
It is the youngest retailer to experience store closures during the coronavirus pandemic. Competitors like Edinburgh Woolen Mill Group and Oasis Warehouse have gone bankrupt since the lockdown measures were introduced in March.
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Topshop, Arcadia, Philip Green, Debenhams
World News – GB – Debenhams will be liquidated, causing 12. 000 jobs are at risk
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