Debenhams had gone into administration just a year ago. — Reuters pic
Debenhams, whose history dates back to the late eighteenth century, said in a statement that it will file for bankrupcy and appoint administrators FRP to run the company, whose 142 department stores in Britain have been shut since the lockdown was declared last month. “The group is preparing to enter a ‘light touch’ administration that will see the existing management team remain in place under the direct control and supervision of the administrators,” the statement read.
Debenhams had already fallen into administration around one year ago in the face of fierce online competition and Brexit uncertainty—but Britain has since left the European Union, on January 31.
Banks have to give lone credit to business personal
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