Close Menu
UK Liquidators

Insolvency Related News

Latest News from UK Liquidators

Low-Cost Liquidation
100% Confidential
Stop HMRC & Creditor Pressure
Partner-led Service

Debenhams Enters Liquidation, Dozens of Stores Set to Close

By Jon Munnery
1 December 2020

The historic department store chain Debenhams is to enter liquidation with dozens of its outlets across the UK set to be closed.

Having entered administration in April 2019 and again a year later, Debenhams has been fighting for survival for several years but is now on course to be wound down entirely.

Efforts were being made recently by administrators to sell aspects of the Debenhams’ operation but no deliverable proposals have materialised and so the decision has been taken to commence a process of liquidating the business.

Like the UK’s entire high street retail sector, Debenhams faced challenging trading conditions throughout 2019 but this year has proven yet more difficult thanks largely to the coronavirus pandemic.

In recent weeks, the option of instigating a “further restructure” of the Debenhams’ business was considered by its administrators but that prospect was ultimately deemed not to be viable.

“Given the current trading environment and the likely prolonged effects of the Covid-19 pandemic the outlook for a restructured operation is highly uncertain,” official statements given on behalf of Debenhams explain.

Plans are in place for the famous retailer to continue trading across its 124 UK stores and online operations but only in order to clear its current and contracted stocks.

“On conclusion of this process, if no alternative offers have been received, the UK operations will close,” the company has said.

Geoff Rowley, one of Debenhams’ appointed administrators, said after announcing the business’ entry into liquidation: “All reasonable steps were taken to complete a transaction that would secure the future of Debenhams.

“However, the economic landscape is extremely challenging and, coupled with the uncertainty facing the UK retail industry, a viable deal could not be reached.

“The decision to move forward with a closure programme has been carefully assessed and, while we remain hopeful that alternative proposals for the business may yet be received, we deeply regret that circumstances force us to commence this course of action.”

Official announcements on Debenhams entry into liquidation came within hours of the Arcadia Group, which owns Topshop, Topman, Burton and Miss Selfridge, being entered into administration.

Jonathan Munnery
Insolvency & Restructuring Expert
Is Liquidation the best option for you?

By completing the test, you will receive:

Your Liabilities & Assets
Types of Liquidation Available
Your Companies Health Risk
Alternatives to Consider
Related Articles
22/10/2021
Voluntary Liquidation Rates Up to Highest Levels in Almost 3 Years
The rates at which companies in England and Wales were being placed into liquidation on a voluntary basis increased to the fastest pace since January 2019 during September of this year.
Read more
14/10/2021
Business Insolvency Rates Set to Rise, Says Bank of England
Rates of business insolvency across the UK are likely to increase during the final three months of 2021, according to the Bank of England.
Read more
15/09/2021
Insolvency Protection Measures to be Phased Out from October
Measures introduced to protect struggling businesses from being forced into insolvency or liquidation during the pandemic are to be phased out from October 1st, the government has confirmed.
Read more
Ready to Liquidate?
Express Liquidation Service
Ready to start liquidating today? Complete the form and a member of our team will be in touch.
Please note: By completing this form you are not liquidating your company
Contact the UK Liquidators Team

If you are considering liquidation for your company, taking expert advice at an early stage is crucial. At UK Liquidators, our team of licensed insolvency practitioners are committed to providing limited company directors with the help and advice they need to make an informed decision.

  • Free initial consultation
  • Strictly confidential
  • Fully licensed insolvency practitioners
  • Local office support
  • Named case handler throughout
Logo Tma
Logo Business Recovery
Logo Cse
Logo Iip

Looking for immediate support?

Complete the below to get in touch

 
 
 
 
 
100% Free & Confidential Advice

This site uses cookies to monitor site performance and provide a more responsive and personalised experience. You must agree to our use of certain cookies. For more information on how we use and manage cookies please read our PRIVACY POLICY