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20.04 - 22:55
Coronavirus sees Debenhams collapse into administration as 22,000 jobs at risk
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Major department store chain Debenhams is on the brink of collapse due to the coronavirus crisis, it has been confirmed. The Brit High Street giant has announced this morning that it has filed a notice of intent to appoint administrators.
The move puts around 22,000 jobs and 142 stores at risk as the retailer becomes the latest casualty of the pandemic. A Debenhams statement said the move is a “necessary step” to protect the firm from the threat of legal action from creditors.
It is a possibility that such action would come from suppliers – which could push the retailer into liquidation. Debenhams currently has hundreds of millions of pounds of inventory on order from suppliers that it no longer needs amid the coronavirus crisis.
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