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DEBENHAMS IRELAND HAS moved to reassure staff and customers here that its operations will not be affected by the news that the British high street retailer has fallen into administration.
The UK department store chain, whose history dates back to 1778, said in a statement today that its new owners will inject “significant” funding of £200 million into the struggling business.
Debenhams plc, which has 165 stores across Britain and some 25,000 staff, appointed administrators FTI Consulting who swiftly sold it to a newly incorporated company controlled by its secured lenders.
Debenhams in Ireland operated under a separate company, Debenhams Retail (Ireland) Ltd, following an examinership process in the Republic of Ireland in 2016.
That process allowed the retailer to continue to operate 11 stores across Ireland employing 1,300 people.
A spokesperson reiterated today that the position of Debenhams Retail (Ireland) remains unchanged and added that the five Debenhams stores in Northern Ireland are also unlikely to be affected.
Debenhams plc had declined a last-gasp takeover bid from tycoon Mike Ashley, who owns sportswear retailer Sports Direct and had purchased collapsed department store chain House of Fraser last year.
“It is disappointing to reach a conclusion that will result in no value for our equity holders,” said Debenhams chairman Terry Duddy.
“However, this transaction will allow Debenhams to continue trading as normal, access the funding we need and proceed with executing our turnaround plans, whilst deleveraging the group’s balance sheet.
We remain focused on protecting as many stores and jobs as possible, consistent with establishing a sustainable store portfolio in line with our previous guidance Our customers, colleagues, pension holders, suppliers and landlords can be reassured that Debenhams will now be able to move forward on a stable footing.
The so-called pre-packaged administration deal wipes out the stakes held by all shareholders including Ashley.
The deal also axes plans for an emergency shareholder meeting in which Ashley was to seek his appointment to the board and oust most other directors.
Long-established UK retailers are battling sliding consumer sentiment and Brexit uncertainty alongside the faltering economy.
They also face fierce competition from the likes of online sales.
- With reporting by © – AFP 2019
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I am off to bed, I will leave ye to it!
I have a question and I know it’s more than a bit ridiculous. Do people really still call dresses ‘frocks’? I’m not blaming you Sinead cos this word is used all the time and I bet it’ll be used on the Sky News Oscar coverage tomorrow! I just thought it was a very 1980s term :-)
PS. I’m aware question correctly indicates I don’t have a social life!
Hi mister. I think we all just missed the word – and it seems appropriate to call the creations something more than just mere dress.
Sure, we’re all 80s kids at heart.
I love the oscars so I can download all the free screeners !
Excellent. Please keep all reports of J-laws luminosity as free and flowing as her impossibly radiant Hair.
Aw she’s stooping to speak to Seacrest, bless.
I want a Tom Forde tux.
I hear they’re not black , but rather, very very very very very very very very dark blue.
Watching twilight…
Is it on the telly-box fellow Journites?
For those wondering where they can watch the Oscars, the red-carpet coverage is on E! (501 on UPC and 151 on Sky). The ceremony is on Sky Oscars. If you can’t tune in, we’ll be bringing you as many images as possible.
The Red Carpet is also on Sky Living and Sky Oscars from 11.30. Does anyone know which Red carpet Coverage would be better?
Anne Hathaway’s bust seams are sooo unfortunate. She looks like she’s wearing comedy breasts, yikes.
Samantha Barks is incredible!
Agreed, yet our journo calls her dress inappropriate! Eh… okay!!
I said hot too! Just the Oscar gowns are usually a bit more, eh, demure.
Dont back pedal…. You said inappropriate, this made you sound like an aul wan :)
If Resse Witherspoon went brunette and moved to Monaghan she’d be Charlene McKenna. It cannot be unseen.
Thanks for the shout out ladies but I’m a lady myself! Loving your work though. Sam(antha)
Bring it on. Can’t wait for t’oscars.
Watching E! But no doubt will give up before it starts so will read back tomorrow.
Disgrace that cloud atlas didn’t get a single nom. Oscars are a farce.
Did Cloud Atlas come out in time to be nominated? I didn’t think that it had tbh.
Next year, maybe
It’s out since October in the USA so it won’t be nominated next time, for a movie to qualify for nomination the movie must be screened at least 1 time in the LA district before midnight December 31st, my money is on the academy having the balls to name Zero Dark Thirty as best film
It’s a shame the Hardy Bucks didn’t release their film in time to make the nominations. It would have been great to see them on the red carpet.
There a cert to win all the razzies next year
Load of bollix…who cares. We have more things to worry about that this kind of crap !
Boo! Hiss!
ah Michael why bother your hole to leave a negative, obscene comment on a light-hearted article when you could just have easily posted a humorous or even mundane yet non-offensive contribution, ya miserable oul shitebag : )
I am loving the bitchy look of the woman behind Helena Bonham Carter!
Adele is such a beautiful women but that dress is horrendous. Does nothing for her! Any pics of Anne Hathaway?
Adele, sadly, doesn’t seem to have any dress sense. This one, though, is better than the dress she wore at the BAFTAs. The pattern on that did absolutely nothing for her. She has a beautiful face.
They’re already starting on the Meryl Streep references!!
Hated Anne Hathaways dress …..it looks like a slap ….. So miserable!
Sorry … Should read ‘ slip’ ……
have your say