Home » UK Business News » Administrators make millions from the fall of Debenhams

Administrators make millions from the fall of Debenhams

By Nagasunder in UK Business News, posted November 15, 2022

Debenhams administrators have made millions in fees since the department store went bankrupt in 2020.

According to reports in The Times, FRP Advisory has earned more than £7.2 million since the department store company declared bankruptcy.

In January 2021, the administrators oversaw the sale of the retailer's brand and website to fast-fashion behemoth Boohoo for £55 million.

According to the documents, FRP Advisory received an additional £1.9 million in remuneration between April and October of this year as a result of increased staff rates.

Debenhams first declared bankruptcy in 2019, and the news comes as retail behemoths such as Made.com face a similar fate in 2022.

Following the collapse of the online furniture retailer last week, Next purchased its brand, domain names, and intellectual property for £3.4 million.

Need Career Advice? Get employment skills advice at all levels of your career

Joules also declared plans to appoint its own administrators this morning, putting 1,600 jobs at risk.

Source: Retail Gazette

Follow us on YouTube, Twitter, LinkedIn, and Facebook