Boohoo buys Debenhams for £55 Million And Will Relaunch Retailer As Online-only Operation
Author: Wardah Sempa | Monday 25th January 2021
Fashion retailer Boohoo has bought the Debenhams brand and website for £55m. However, reports say it will not take on any of the firm's remaining 118 High Street stores or its workforce.
Boohoo said it was a "transformational deal" and a "huge step". But the deal means that up to 12,000 jobs at the department store chain are set to go. The 242-year-old Debenhams chain is already in the process of closing down after administrators failed to secure a rescue deal for the business.
In a separate development, Asos says it is in "exclusive" talks to buy the Topshop, Topman, Miss Selfridge and HIIT brands out of administration. But the online retailer said it only wanted the brands, not their shops, suggesting any deal would cost jobs.
The current owner of the brands, Sir Philip Green's Arcadia Group, fell into administration last November putting 13,000 jobs at risk.