1. Home
  2. Chat
  3. Debenhams Prepares to File for Bankruptcy

Debenhams Prepares to File for Bankruptcy

In the News

https://www.theguardian.com/business/2020/apr/03/debenhams-prepares-to-file-for-bankruptcy-coronavirus

they have been struggling for a few years now, and recent events have obviously affected them, like many others

if you have a gift card, use it while you still can

hspexy
2 months ago
What do you think of this?
Ann1984
Ann19842 months ago

We going to hear alot more of this companies falling under and i do believe media is right where we will fall into a deeper depression then in 1930

Like
Reply
1
hspexy
hspexy
Original Poster
2 months ago

I believe so too. A lot of companies want a bail out, but that won’t happen, not with the amount of money that will be needed for everything else

Like
Reply
ACR
ACR2 months ago

The problem with the current situation is the government is forcing 'non essential' high street businesses and many other sectors to close or severely restrict what they can do. They can't operate normally under these conditions. So some kind of financial assistance should be given to affected businesses or there will likely be a long list of companies that will remain closed after the restrictions are lifted 😷

Like
Reply
ptenn00
ptenn002 months ago

will be sad to see them go, as that will leave a huge gap in the high street, lots of jobs lost, etc. But they are not as good as they used to be

Like
Reply
stevea808
stevea8082 months ago

Debenhams is one of my favourite shops in Chester, I really hope it doesn't close down.

Like
Reply
AliceBell64468
AliceBell644682 months ago

This is sad to see, but potentially will be happening to many more companies with the ongoing Coronavirus issues 😞

Like
Reply
Dennab
Dennab2 months ago

AliceBell64468 Let's not use a coronavirus as an excuse for everybody. They were already in big trouble, just like FlyBe. Look at House of Fraser. Even John Lewis were down in profits over Christmas. Websites like this one won't help I'm afraid when people post offers that are mostly online. That's not a criticism of Latest Deals but more an analysis of the reality here.

Like
Reply
AliceBell64468
AliceBell644682 months ago

Dennab yes perhaps this company and others were facing difficulties before the corona virus, but obviously the virus isn’t going to have improved things for them. Also many companies who were not in any trouble now may be facing problems and potentially closing due the virus. I may even face redundancy in my new job which is for a main brand vehicle dealership which wouldn’t be the case if the Coronavirus outbreak hadn’t have occurred. But yes with more and more online deals it is only likely that more retailers will struggle.

Like
Reply
Dennab
Dennab2 months ago

AliceBell64468 It's amazing to hear how some smaller companies can go down the pan in a matter of weeks. Sorry to hear you're affected. I'm sure you've done this but study the government grants etc. They have updated the guidelines on what businesses should be receiving a few times over the past week. Don't let your employer use this as an excuse if they're getting money and good luck.

Like
Reply
1
AliceBell64468
AliceBell644682 months ago

Dennab yes pretty gutting as I was really enjoying the new job, I guess health is most important but very worried about money as I will not be eligible for furlough pay and therefore have no income coming in, so yes I will definitely look into the government guidelines etc. Thank you 🙂

Like
Reply
Dennab
Dennab2 months ago

AliceBell64468 My mate just went freelance a few months ago so in a similar situation. Remember banks should be helping if you pay a mortgage. There's not a cat's chance in hell of a landlord being able to do anything about rent either. Also as I said to my mate, don't be afraid of asking parents etc for financial help if they're in a position to offer that.

Like
Reply
1
Mango4
Mango42 months ago

Dennab The headlines are great but Government grants are not the answer , they will only pay a percentage, are long winded in processing and slow to actually be received by companies. As a self employed person I can hopefully expect to receive some form of payment in just over three months times, staff furloughed payments are not likely to be received until the end of April at the very earliest thou staff expect to be paid ( quite rightly) in the meantime . We also have to pay our fixed costs and overheads in the meantime , Good cash flow is everything in business.

At some point in the future the government is also going to need to work out a way of getting at least some of this money back, my guess higher taxation, which is another blow for businesses .

Like
Reply
Dennab
Dennab2 months ago

Mango4 I won't get anything from my missed self employment jobs due to the 50% or more rule. I'm at least getting a PAYE wage and some self employed work still so consider myself lucky. To be honest, the taxes that pay all of this off need to be shared across the board and cost us as individuals as much as it will affect businesses. I'm prepared to take the hit in lieu in return for not being heavily affected now.

Like
Reply
AgnesFaludi
AgnesFaludi2 months ago

They were in trouble for long time.

Like
Reply
HannahSunderlan
HannahSunderlan2 months ago

Genuinely gutted to read this. Absolutely love Debenhams and ill be sad to see it go 😭

Like
Reply
One of the UK's largest deal hunting communities

Join for free to get genuine deals, money saving advice and help from our friendly community

Kelsey, Tom
& Deepak
Founders
Founders of Latest Deals
We use cookies (e.g. personalisation, analytics, social media). Find out more.