.how the company's owners remained confident in its future, despite the shutdown of its 142 stores because of social distancing restrictions, though the chain was exposed on a number of fronts including rent bills.
The chief problem was the threat of suppliers of stock - inventory worth hundreds of millions of pounds that is currently not needed - chasing the company to pay its bills on time. The retailer said on Monday:"This move will protect Debenhams from the threat of legal action that could have the effect of pushing the business into liquidation while its 142 UK stores remain closed in line with the government's current advice regarding the COVID-19 pandemic.
"The group is making preparations to resume trading its stores once government restrictions are lifted."The vast majority of its 22,000 staff were already furloughed, with 80% of employees' wages covered for at least three months by the government's
Debenhams and Clark’s in one day. The real economic cost of COVID19 and Brexit together is devastating
Sad thousands of jobs ! No doubt this will be one of many! Hope the government pulls through and keeps businesses afloat ☹
(2) The Conservatives can not use the same method again, because Corbyn is no longer there for people to vote against. We will have to build our way out of the mess this time. Maybe start with allowing the housing market to start up again next week before it totally collapses.
(1) Well looks like the economy is about to nosedive off the end of a cliff and it will be all those ex-labour voters that lent their votes to Boris who will pay the price. Things are not going to recover quickly and austerity will soon return. Keir Starmer could be our next PM.
Sad times for the high Street 👈🥺 stayinthehoose then maybe we can get back to some kind of normality sooner 🙈👍🏻
Debenhams has had problems for a long while. Not been run well as a business.