UK retailer Debenhams goes into pre-pack administration
THE Debenhams anchor store in the vital Eastgate shopping centre in Inverness faces an uncertain future after the retail chain passed into the hands of its lenders in a move known as pre-pack administration.
Debenhams, which has 166 stores employing about 25,000 staff, will continue to trade, although about 50 branches are earmarked for closure in the future. No closure list has been revealed.
The department store rejected last-ditch rescue offers from Mike Ashley's Sports Direct. His near 30 per cent stake in the company will be wiped out, it is reported.
Its lenders are made up of High Street banks and US hedge funds, including Barclays and Bank of Ireland, as well as Silver Point and GoldenTree.
The administrators said: "The transaction included provisions to ensure that the Group is immediately marketed for onward sale."
