British department store retailer Debenhams is to be liquidated after failing to find a buyer, administrators FRP Advisory said today.
It said it would start a wind-down of Debenhams, while continuing to seek offers for all or parts of the business. Geoff Rowley of FRP Advisory, joint administrator to Debenhams and partner at FRP, said that all reasonable steps were taken to complete a transaction that would secure the future of Debenhams. "However, the economic landscape is extremely challenging and, coupled with the uncertainty facing the UK retail industry, a viable deal could not be reached," Mr Rowley said. "The decision to move forward with a closure programme has been carefully assessed and, while we remain hopeful that alternative