Online retailer boohoo set to buy out Debenhams making it online only

Popular online fashion retailer, boohoo.com are set to buy out Debenhams for £55M, but plan to move the business online only, meaning the stores would remain closed.

According to the Financial Times, executive chairman of Boohoo, Mahmud Kamani claims, “This is a transformational deal for the Group, which allows us to capture the fantastic opportunity as eCommerce continues to grow.”

“Our ambition is to create the UK’s largest marketplace. Our acquisition of the Debenhams brand is strategically significant as it represents a huge step which accelerates our ambition to be a leader, not just in fashion eCommerce, but in new categories including beauty, sport and homeware,” he added.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

A post shared by boohoo (@boohoo)

Unfortunately this good news won’t be any comfort for the many Debenhams employees who were laid off last year, when Debenhams faced serious financial troubles, with stores across the country being forced to close their doors for the final time. 

Sadly these former Debenhams store workers, who had been protesting for more sufficient redundancy packages, won’t be getting their jobs back, as this new move for Debenhams means that the high-street stores will be remaining closed, in favour of a solely online shopping experience.

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