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UPDATE 1-Debenhams appoints advisers to draw up plans for possible liquidation

Sat, 15th Aug 2020 12:48

(Adds Debenhams statement)

LONDON, Aug 15 (Reuters) - Struggling British department
store chain has appointed Hilco Capital to draw up contingency
plans for a possible liquidation of the chain in the unlikely
event that an attempt to sell the business ends in failure.

Debenhams on Tuesday said it would cut a further 2,500 jobs,
while taking "all necessary steps" to give the chain every
chance of a viable future.

The company said that the move to appoint Hilco Capital,
first reported by Sky News on Saturday, was part of that process
but not an indication that liquidation was a likely outcome.

"Debenhams is trading strongly, with 124 stores reopened and
a healthy cash position," Debenhams said in a statement.

"The administrators have appointed advisors to help them
assess the full range of possible outcomes which include the
current owners retaining the business, potential new joint
venture arrangements (with existing and potential new investors)
or a sale to a third party."
(Reporting by Alistair Smout; editing by John Stonestreet and
Christina Fincher)

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