Background
In May 2019, department store retailer, Debenhams, secured the approval of its creditors to enter a company voluntary arrangement. Under the restructuring plan, Debenhams would exit approximately 50 of its 166 UK stores over a three-to-five-year period, with the first group of stores closing in January 2020.
In October 2019, Debenhams appointed Hilco Capital to manage the first group of 21 store closures, comprising three tranches of stores over a three-month period. Ultimately, the additional pressures of the pandemic resulted in the closure of all remaining stores in December 2020.