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Debenhams set to file for administration to protect business amid coronavirus crisis

Philip Green Usa outbreak pandemic Government Coronavirus
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www.mirror.co.uk
mirror.co.uk:

Debenhams is reportedly on the brink of collapse, with administrators expected to be appointed as early as next week. The 242-year-old retailer, which employs around 22,000 people, has placed KPMG on standby to handle the process, according to Sky News.

The move would be designed to shield the struggling company from legal claims from creditors during the period of the coronavirus outbreak.

It comes as the boss of Arcadia, Philip Green, called for Government support to pay his 14,500 workforce, after closing 550 stores.

Debenhams fell into the hands of its lenders last April, a group of banks and hedge funds led by US firm Silver Point Capital, after struggling for years to keep up with the competition.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
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Brazil
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Cases: 21 835 785
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Deaths: 141 607
Recovered: 0
Russia
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Deaths: 237 619
Recovered: 0
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