Staff at a second business which has a store at Westwood Cross are also facing an uncertain future as it gets ready to appoint administrators.
Select clothing store filed a notice of intention at the high court on March 27 to appoint an administrator.
The chain employs some 2,000 people. It is understood Quantuma will handle the administration process.
Select launched a Company Voluntary Arrangement (CVA) – which involves paying creditors over a fixed period – last year. It has launched the same process in 2008.
Today it was announced that administrators Chad Griffin, Simon Kirkhope and Andrew Johnson of FTI Consulting LLP have been appointed to Debenhams and have sold the group to its lenders.
The announcement this afternoon (April 9) says: “The plc Administrators have immediately sold all of plc’s ownership of the Group to a newly incorporated company controlled by the Group’s secured lenders in a pre-packaged sale.”
This means the business, which has debts of some £640million, will continue to trade as usual for now under the control of a group of lenders and releases access to £200million. Lenders include banks and US hedge funds.
