Boohoo to take department store Debenhams online with acquisition
January 26, 2021
Online fashion retailer Boohoo has bought collapsed department store chain Debenhams for £55 million. The deal will result in the closure of Debenhams' remaining stores, potentially eliminating a reported 12,000 jobs. Boohoo plans to relaunch Debenhams in Q1 FY22 as an online marketplace for fashion, beauty, athletic and homeware products. The company started bankruptcy proceedings last April.