Debenhams has received no acceptable bids after going through a sale process, the department store will remain in the hands with its lenders.
FTI Consulting administrators considered the bids “not at the level required to be taken forward.”
Celine, the consortium who provided Debenhams with a £200m in funding gave assurances that they are a “committed long-term owner.”
Stefaan Vansteenkiste, representing Celine said, “The investor consortium is a committed long-term owner, which has provided Debenhams with £200m in fresh funding for the financial restructuring process and to fund the company’s operating turnaround.
“Within the consortium, there is extensive turnaround experience, which we will deploy to support the management’s plan and to position Debenhams for a long-term successful future.”
Terry Duddy, executive chairman said, “I am pleased that our new owners have confirmed their commitment to Debenhams and remain supportive of our plans to restructure the business.
“We are confident that we will receive support for our CVA proposals, which make sense for all parties, and will give us the platform to deliver a turnaround.”