Social media giant Facebook are to take over Debenhams London offices, as the troubled retailer are cutting costs and are moving out.
The London office at Regent’s Place is near to Euston station, the 175,000 sq ft head office was home to Debenhams since 2013.
The retailer announced on Thursday that they will return to the upper floors of their flagship store on Oxford Street.
Sergio Bucher, chief executive said giving up the lease to British Land, their landlord will deliver a “material saving” in the company’s annual rental bill.
Bucher added, “At the same time, our customers will continue to have the best of what we have to offer in a better-curated store still trading over five floors.”
Debenhams announced on Thursday morning that they are to go ahead with £200m financing option, the retailer are embarking on saving costs, reducing rent and will close stores.