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Gloucestershire Business News

Potential buyers given hours to make Debenhams bid

Prospective buyers have been given until 5pm today to table bids for Debenhams.

The troubled retailer entered administration for the second time in a year in April and administrator FRP Advisory is looking to complete the sale of the business by the end of this month.

And according to Sky News, investment bank Lazar - which is handling the sale process - has imposed the deadline for offers.

FRP has lined up specialists Hilco Capital to oversee any liquidation if a buyer is not found.

Debenhams has not commented on the reports.

Last month, the firm announced it was cutting 2,500 jobs which it said was giving the company "every chance of a viable future".

Some of the job cuts will be part of a management restructuring process with the scrapping of sales manager and other roles with its distribution centre also affected.

A company statement at the time said: The troubled retailer, which entered administration for the second time in 12 months earlier this year, said: "We have successfully reopened 124 stores post-lockdown and those are currently trading ahead of management expectations.

"At the same time, the trading environment is clearly a long way from returning to normal and we have to ensure our store costs are aligned with realistic expectations.

The company statement continued: "Such difficult decisions are being taken by many retailers right now and we will continue to take all necessary steps to give Debenhams every chance of a viable future."

Debenhams employed around 14,500 staff before the latest cuts.

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