Connect with us


Coronavirus: Debenhams sets filing deadline as fate hangs in the balance | Business news



Unions say workers should have more protection during the coronavirus pandemic

Debenhams advisors asked potential bidders to submit business proposals on Tuesday as they seek to save the future of the 242-year-old department store chain.

Sky News understands that Lazard, the investment bank running the sale process, wants interested parties to submit bids by 5:00 pm.

The deadline comes when Debenhams’ administrator, FRP Advisory, is trying to complete the sale of the business by the end of this month or prepare for alternatives that could result in the loss of thousands of jobs.

Changing the face of retail in the context of the coronavirus

Debenhams hires about 12,000 people in the UK who took over in April when coronavirus The lockdown has caused revenues for street retailers to plummet.

Last month, Sky News Revealed that FRP hired Hilco Capital, a liquidation specialist for troubled retailers, to oversee the liquidation of Debenhams if none of the alternatives worked.

Sources said the chain was marketed by Lazard under the codename Project Ariana and includes assets outside the UK other than Magasin du Nord, its Danish subsidiary.

In addition to over 120 UK stores, Debenhams trades at 45 locations in 17 countries in Europe, the Middle East and Asia under various franchise agreements.

Information circulated to potential buyers describes a “illustrative scenario” whereby half of Debenhams’ UK real estate will be liquidated leaving 60 stores and the business could generate up to £ 90 million in profit per year ending in February 2022 of the year.

In recent weeks, Debenhams has begun to grapple with an attempt to increase its business betting account in Swansea, which it describes as a “test case” that will shape the group’s future.

M&S store

Cuts announced at M&S ​​won’t be the last

A department store spokesman said last month, “Debenhams is doing well with 124 stores reopening and cash flow is stable.

“As a result, as previously stated, Debenhams Retail Ltd administrators have initiated a process to assess how the business can exit its defensive administration.

“The administrators have appointed consultants to help them assess the full range of possible outcomes, including keeping the business by current owners, creating potential new joint ventures (with existing and potential new investors), or selling to a third party.”

The company declined to comment on the Tuesday 5:00 pm deadline for submitting proposals.

Sources insist Debenhams has exceeded expectations, as most of its stores opened in June and does not need loans for the foreseeable future.

Hilco, which briefly acquired the Oasis and Warehouse brands after they transitioned to administrative work earlier this year, also worked with Debenhams on the final closure of 18 stores this year.

:: Subscribe to the Daily podcast at Apple Podcasts, Google Podcasts, Spotify, Spreaker

Making contingency plans to liquidate Debenhams represents another tumultuous chapter for a business dating back to 1778.

He originally came into control last spring after a bitter public battle with the Sports Direct tycoon. Mike Ashley, of which the Frasers Group became the largest shareholder.

Retail sources say Mr. Ashley is considering buying Debenhams, but with the intention of closing most of his outlets.

Throughout most of its history, Debenhams has been very profitable, becoming a permanent anchor tenant on many main streets and shopping centers throughout the UK.

In 2006, he relied on the London stock market after a period of private equity that proved lucrative for CVC Capital Partners and TPG, but which left his balance sheet saddled with unacceptable debt.

After its first administrative move, Debenhams launched a voluntary company agreement (CVA) to secure an agreement to close stores and reduce rents.

See also  Pix budget unanimously approved by second vote in Alego - Papo Político
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


The dollar continues to reflect the political scenario



The dollar continues to reflect the political scenario

Yesterday, financial agents evaluated the opposite decision of the Federal Supreme Court (STF) regarding the so-called secret budget. In addition, a decision was made by STF Minister Gilmar Méndez to issue an injunction that would exclude the Bolsa Família from the spending cap rule, with investors trying to understand how this measure would affect the processing of the transitional PEC in the Chamber of Deputies. Oh this PEC!!!!

Since he is an exchange investor, any reading that the budget will be exceeded or become more flexible will negatively affect the exchange market, whether through the PEC or in any other way. We will continue with volatility today.

Looking beyond, the US Central Bank (Fed), although slowing down the pace of monetary tightening at its December meeting, issued a tougher-than-expected statement warning that its fight against inflation was not yet over, raising fears that rising US interest rates will push the world’s largest economy into recession.

The currency market continues to react to political news. The voting on the PEC is saved for today. It is expected that it will indeed be reviewed to open the way tomorrow for discussions on the 2023 budget.

Yesterday, the spot price closed the selling day at R$5.3103.

For today on the calendar we will have an index of consumer confidence in the eurozone. Good luck and good luck in business!!

See also  Lyra's allies have bet on retreat to avoid political wear and tear caused by printed PEC voting
Continue Reading


Andrés Sánchez consults with the Ministry of Sports, but refuses a political post.



The former president of the Corinthians dreams of working for the CBF as a national team coordinator. He was consulted shortly after Lula’s election.

Former Corinthians president Andrés Sánchez was advised to take a position in the Ministry of Sports under the administration of Lula (PT). However, he ruled out a return to politics. dreams of taking over the coordination of CBF selectionHow do you know PURPOSE.

No formal invitation was made to the former Corinthian representative, only a consultation on a portfolio opportunity with the new federal government, which will be sworn in on January 1, 2023.

Andrés was the Federal MP for São Paulo from 2015 to 2019. At that time he was elected by the Workers’ Party. However, the football manager begs to stay in the sport, ruling out the possibility of getting involved in politics again.

Andrés Sanchez’s desire is to fill the position of CBF tackle coordinator, which should become vacant after the 2022 World Cup. Juninho Paulista fulfills this function in Brazil’s top football institution.

The former president of Corinthians was in Qatar to follow the World Cup along with other figures in Brazilian football. During his time in the country, he strengthened his ties with the top leadership of the CBF.

See also  Organizations advocate for greater LGBT+ participation in politics
Continue Reading


The EU has reached a political agreement on limiting gas prices – 19.12.2022



Germany sentenced Russian to life imprisonment for political murder by order of Moscow - 12/15/2021
BRUSSELS, DECEMBER 19 (ANSA). European Union countries reached a political agreement on Monday (19) to impose a natural gas price ceiling of 180 euros per megawatt hour (MWh). The main sources of income for Russia and the minimization of the use of energy as a weapon by the regime of Vladimir Putin.

The agreement was approved by a supermajority at a ministerial meeting of member states in Brussels, Belgium, after months of discussions about the best way to contain the rise in natural gas prices in the bloc caused by Russia’s invasion of Ukraine. .

The value set by the countries is well below the proposal made by the European Commission, the EU’s executive body, in November: 275 EUR/MWh. However, the countries leading the cap campaign were in favor of an even lower limit, around 100 EUR/MWh.

Germany, always wary of price controls, voted in favor of 180 euros, while Austria and the Netherlands, also skeptical of the cap, abstained. Hungary, the most pro-Russian country in the EU, voted against.

The instrument will enter into force on 15 February, but only if natural gas prices on the Amsterdam Stock Exchange exceed 180 euros/MWh for three consecutive days. In addition, the difference compared to a number of global benchmarks should be more than 35 euros.

Italy, the EU’s biggest supporter of the ceiling, has claimed responsibility for the measure. “This is a victory for Italy, which believed and worked for us to reach this agreement,” Environment and Energy Minister Gilberto Picetto tweeted.

“This is a victory for Italian and European citizens who demand energy security,” he added.

See also  Elections will be decided in the center, even with polarization, says Andre Estevez | Brazil and politics

Currently, the gas price in Amsterdam is around 110 EUR/MWh, which is already a reflection of the agreement in Brussels – in August the figure even broke the barrier of 340 EUR/MWh.

However, Russia has already threatened to stop exports to countries that adhere to the ceiling. (ANSA).

See more news, photos and videos at

Continue Reading