British department store chain Debenhams prepares for possible bankruptcy | NOW

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The British department store chain Debenhams is in the process of drawing up plans for a possible closure, reports SkyNews Saturday afternoon.

Debenhams has engaged investment company Hilco Capital to work on an emergency plan in the event that the retail chain is not sold.

The more than two centuries old British department store chain is currently for sale.

In April, Debenhams received a deferment of payment for the second time in a year. Before the corona crisis, the British chain already had a debt of approximately 600 million pounds (663 million euros).

Last week it was announced that another 2,500 employees will be laid off.

The British economy has entered a deep recession after a record contraction of more than 20 percent. Large British companies such as Debenhams, British Airways and Jaguar Land Rover have recently had to carry out mass layoffs.

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