LONDON – UK department store chain, Debenhams, has hired a Hilco Capital, to draw up possible plans for liquidation – a move which puts the jobs of its 14,000 employees under threat. Hilco Capital specialises in winding down the business of struggling retailers.
Since the coronavirus pandemic hit the UK, Debenhams has scrapped more than 4000 jobs. Just last week, the 242-year-old retailer axed a further 2500 jobs as part of its latest cost-cutting drive to survive the crisis. However, many analysts believe Covid-19 could be the straw that broke the camel’s back for Debenhams (along with a raft of other mid-market retailers).
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