Debenhams prepares to appoint administrators

Debenhams prepares to appoint administrators

Published by George Sharpe at 5:34pm 3rd April 2020. (Updated at 6:54pm 3rd April 2020)

Debenhams shareholders are preparing to place the department store chain into administration.

It's understood they're seeking to protect the 242-year-old business from creditors during the coronavirus shutdown.

The chain says it could appoint administrators as early as next week.

Debenhams

The majority of its 22,000 employees are on leave while its shops are closed.

A spokesperson for Debenhams said:

"Like all retailers, Debenhams is making contingency plans reflecting the extraordinary current circumstances. Our owners and lenders remain highly supportive and whatever actions we may take will be with a view to protecting the business during the current situation.

"While our stores remain closed in line with government guidance, and the majority of our store-facing colleagues have been furloughed, our website continues to trade and we are accepting customer orders, gift cards and returns."