On 9 April 2019, Debenhams plc (‘the Company’) entered Administration, and Chad Griffin, Simon Kirkhope and Andrew Johnson of FTI Consulting LLP were appointed as Joint Administrators (‘the Joint Administrators’). The appointment was made by the Company’s qualifying floating charge holder under the provisions of Paragraph 14(1) of Schedule B1 to the Insolvency Act 1986.
For the avoidance of doubt only the Company (which was the Group’s top holding company) is in administration - the Group’s operating companies, including Debenhams Retail Ltd and Magasin Du Nord, continue to trade as normal. The Group’s commercial relationships with suppliers, employees, pension and customers are all with the operating companies. Therefore the Group’s commercial stakeholders are not adversely impacted by the Company’s administration.
Immediately following their appointment, the Joint Administrators sold the Company’s shares in the Group, to Celine Newco I Limited, an entity owned by certain of the Company’s secured lenders (“the Transaction”).
The Transaction delivers continuity for all Group operations. It minimises business disruption, ensures continuity for the businesses and their suppliers and protects the Group's employees. It also allows additional funding of up to £99m to be provided.
More information in relation to the Company’s administration and the Transaction can be seen using the following link https://ir.debenhams.com/news-releases
Further information during the Company’s administration will be made available to the Company’s creditors and shareholders on the FTI Consulting LLP creditors portal, http://www.fticonsulting-emea.com/cip/debenhams-plc
The affairs, business and property of the Company are being managed by the Joint Administrators, Chad Griffin, Simon Kirkhope and Andrew Johnson, who act as agents of the Company only and without personal liability.
Investor Overview
ABOUT DEBENHAMS
Debenhams is a leading international, multi-channel brand with a proud British heritage. We aim to make shopping confidence-boosting, sociable and fun for our customers, through our 240 department store destinations and online in more than 90 countries. We give our customers around the world a unique, differentiated and exclusive mix of own brands, international brands and concessions.
