![]() ![]() Richard Lim, the chief executive of analysis firm Retail Economics, said the demise of Debenhams would leave huge gaps on the high street. Arcadia operated more concessions in Debenhams than any other retailer and Arcadia is believed to have sold about £100m of clothing a year via Debenhams shopfloors.Ī supplier said the fate of the two firms was closely linked: “Losing Arcadia was a fatal blow to Debenhams and losing Debenhams was a fatal blow to Arcadia.” He said other brands which generate substantial sales from concessions in the department store would also be hard hit. But the sports retailer pulled out of the talks when Arcadia went under. Its current name stems from 1813 when William Debenham invested in the company, which became Clark & Debenham.ĭebenhams had been in rescue talks with JD Sports. The department store traces its roots back to 1778 when William Clark established a drapers store on Wigmore Street in the West End of London. If no buyer is found for the shops once the stock is sold, the stores will close. They will continue to seek a buyer while the clearance sale is under way. The first Debenhams closures are expected in the new year, with all expected to close down by the end of March.ĭebenhams has been trying to find a buyer since the summer, but its administrators – which have been running the business since April – said they had not received “a deliverable proposal”. The sale will further ratchet up the pressure on rival retailers such as John Lewis and Marks & Spencer which will now be under pressure to match the fire-sale prices. ![]() Edinburgh Woollen Mill plus Peacocks and Jaeger are among the names which have collapsed in recent weeks.ĭebenhams will launch a massive stock clearance sale at 7am on Wednesday morning as non-essential shops in England are allowed to reopen for the first time in four weeks. The Canadian division, which operates 54 Bed Bath & Beyond stores and 11 buybuy BABY stores, is insolvent, the filing posted on the website of consultancy Alvarez & Marsal showed.The demise of the department store chain will hit many towns across the UK, as the shops are anchor tenants in numerous shopping centres and key attractions on high streets.Īlongside Arcadia, a host of other established high street names are in trouble, battered by the twin problems of lockdowns and a shift to online retailing which has accelerated rapidly this year. In February, according to a court filing, Bed Bath & Beyond's Canadian operations were going out of business. The company was able to raise $360 million from the complex deal helping it pay loan defaults and interest payments for senior notes.īut Bed Bath terminated the deal in late March and announced plans to sell $300 million worth of its shares, warning it might have to file for bankruptcy if it could not secure the funds. ![]() In February, the embattled retailer had planned to raise around $1 billion through the offering of preferred stock and warrants to avoid bankruptcy. In January, the company raised doubts about its ability to continue as a going concern just months after it announced more than $500 million in new financing, as well as job cuts and 150 store closures. The company added that its 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open and continue serving customers as it starts efforts to effect the closure of its retail locations. While the retailer has begun a liquidation sale, it intends to use the Chapter 11 proceedings to conduct a limited sale and marketing process for some or all of its assets, according to the statement.Ī person exits a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. The company said that it has received a commitment of approximately $240 million in debtor-in-possession financing from Sixth Street Specialty Lending Inc, according to a statement. The Union, New Jersey-based retailer filed for bankruptcy in a District of New Jersey court, listing both its estimated assets and liabilities in the range of $1 billion and $10 billion, according to a court filing. Last year's moves to abandon that strategy, and to bring in more national brands that shoppers recognize, had not shown signs of working, with the company reporting a loss of about $393 million after sales plunged 33% for the quarter ending Nov. The home goods retailer, which shot to popularity in the 1990s as a go-to shopping destination for couples making wedding registries and planning for new babies, has seen demand drop off in recent years as its merchandising strategy to sell more store-branded products flopped. April 23 - Bed Bath & Beyond Inc (BBBY.O) filed for Chapter 11 bankruptcy protection on Sunday after the home goods retailer failed to secure funds to stay afloat, and has begun a liquidation sale.
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