When Debenhams collapsed into administration, the business owed £155m to creditors, including many suppliers.Debenhams has also been cutting jobs at its head office and closing the majority of its store cafes in a bid to cut costs and become a leaner business.The key question now is whether the chain can be rescued from administration as a going concern.
It is in what is being described as a"light touch" administration, where the current management has remained in place. Its lenders are said to remain supportive. They took control of the chain after it collapsed into administration last year, after struggling for years to keep up with the competition.Administrators and lenders will no doubt want to see how the business performs post-lockdown, as well as the crucial Christmas trading period, in order to be confident it has a viable future in its current form.
Great, now I can not shop in Debenhams again.
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