Boohoo pays £55m for Debenhams brand but stores are to shut
Fashion retailer Boohoo has paid £55m to acquire the brand of collapsed rival Debenhams - with the intention of relaunching it online only.The cut-price deal for the brand name, intellectual property and customer lists will eventually result in the closure of Debenhams' 118 remaining stores as none of the sites are included in the sale. Administrators at FRP Advisory confirmed stores would, once allowed under COVID-19 restrictions, re-open only for the purpose of clearing stock - with a fire sale continuing online presently. Image: Boohoo has been among online-only retailers to have bolstered sales substantially during the pandemic It leaves more than 10,000 staff facing the prospect of redundancy, though it was hoped there would be s...
