Debenhams to shut last ever stores on Saturday as chain waves goodbye after 242 years

Iconic department store Debenhams is set to close its last remaining stores this weekend, five months after entering administration and being traded off for £55million.

New owner Boohoo said the business will now run online-only, as it plans to dip into the world of homeware retail, rivalling the likes of House of Fraser and John Lewis.

The deal, signed earlier this year, excluded its 118 physical stores, meaning the plan was to axe all outlets indefinitely.

However, administrators reopened 97 stores on April 17 to help shift millions of pounds worth stock as part of the liquidation process – which involved paying off suppliers.

Now, the final 49 are closing their doors – with the last handful to be axed on Saturday, May 15.

It will follow on from dozens of closures on Wednesday, as the shutters come down on what has been the jewel of many high streets for decades.

Debenhams told The Mirror shoppers will be able to pick up discounts of up to 80% off, although beauty and fragrance will be capped at just 70% off in the run up to closures.

No gift cards, credit notes, refunds or exchanges have been accepted since January.

A spokesperson for Debenhams said: "Debenhams will close its doors on the high street for the final time in its 242 year history."

"Our sincere thanks go out to all of our colleagues and customers who have joined us on this journey. We hope to see you all one last time in stores before we say a final goodbye to the UK high street.”

Debenhams was acquired by fast-fashion brand Boohoo on January 21 in a £55million deal that excluded all 118 high street stores.

As part of the takeover, 12,000 jobs were lost overnight, in a devastating move for Britain's high streets.

The chain’s demise comes 242 years after it first emerged as a draper business at 44 Wigmore Street in London in 1778.

In 1905, it was rebranded to Debenhams Limited and the company started buying existing department stores across the country, including Harvey Nichols in Knightsbridge in 1920.

In 1928, it was listed on the London stock exchange for the first time and by 1950, Debenhams became the largest department store group in the UK. At the time it owned 84 companies and 110 stores.

However, in recent years, sales have dwindled in the face of online shopping.

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In 2018, the company announced its largest ever pre-tax loss of £491million in 2018 and the closure of up to 50 stores putting 4,000 jobs at risk.

The pandemic accelerated this decline, with the company entering administration thrice last year in the face of mandatory lockdowns.

Debenhams fell into the hands of its lenders, a group of banks and hedge funds led by US firm Silver Point Capital and in April 2020 it went on the market.

A takeover with JD Sports fell through on December 1 after the collapse of Sir Philip Green’s Arcadia.

The company - which once owned Topshop and Miss Selfridge - was worth £75million a year to Debenhams, its biggest concession partner.

Geoff Rowley, of FRP Advisory, joint administrator to Debenhams, at the time said: "The economic landscape is extremely challenging and, coupled with the uncertainty facing the UK retail industry, a viable deal could not be reached."

Former shareholder and Sports Direct boss Mike Ashley became the only interested party by Christmas - a deal which also failed to materialise.

At the time, the business revealed it had lost £323million in the six months to October - versus billions in Debenhams' heyday.

Hilco, which is managing the liquidation, told Mirror Money that "UK operations will close" if no new offers come forward.

Debenhams and Arcadia follow rivals including Laura Ashley, Edinburgh Woollen Mill Group, Oasis and Warehouse who have all slid into insolvency since March.

The latter two have also been rescued by Boohoo in addition to its £55million Debenhams sale.

Debenhams stores closing on May 12

Ballymena

Banbury

Barrow-in-Furness

Bath

Beverley

Blackburn

Bournemouth

Carlisle

Chester

Chesterfield

Doncaster

Gloucester

Guildford

Harrow

Hereford

Hull

Lichfield

Mansfield

Preston

Scarborough

Warrington

Debenhams stores closing on May 15

Basildon

Basingstoke

Belfast

Birmingham Bullring

Brighton

Bristol

Bromley

Cardiff

Chelmsford

Cheshire Oaks

Colchester

Coventry

Exeter

Hanley

Lakeside

Leeds White Rose

Liverpool

Manchester

Manchester Trafford

Meadowhall

Merry Hill

Newcastle

Newry

Plymouth

Romford

Rushmere

Sheffield

Swansea