THE retail giant Debenhams is now in the hands of its secured lenders after administrators were appointed to handle the sale of the business to a newly incorporated company.
The secured lenders are reportedly made up of a mixture of banks and US hedge funds.
Shares held in the company before the change of ownership have been cancelled as of today, Wednesday (Apr 10).
There have been no immediate closures of any Debenhams stores, which employ around 25,000 people in total. There have been reports that the retailer has been renegotiating rents with a possible Compulsory Voluntary Arrangement (CVA) launched in the near future, which could lead to store closures.
The disappearance of some of the best known high street stores has been a rapid process, which has been attributed to consumers’ changing behaviours from shopping in-store to online.
Over 2,400 stores disappeared from the UK’s top 500 high streets in 2018.
There are ten Debenhams stores in Wales including a store at Parc Trostre in Llanelli, a store in Carmarthen and in Swansea.