The British retailer had been looking to strike a deal with its landlords to prevent store closures on both sides of the Atlantic.
Parent company L Brands files for credit protection in the U.K., a move that will impact the lingerie business’ 25 U.K. stores.
The company, which was forced to close its stores due to COVID-19, is seeking bankruptcy protection.
The British government has pledged 750 million pounds to charities, while businesses are moving to mitigate the impact of COVID-19.
The retailer said the move is a result of the COVID-19 lockdown measures, and that it plans to resume trading once U.K. government regulations are lifted.
Retailers of all kinds are putting beauty at the top of their retail strategies.
Debenhams names new ceo as chairman Terry Duddy steps down.
Last year alone, the industry generated 27.2 billion pounds in consumer spending.
The department store will roll out its new “lab” space concepts across 20 medium-sized stores by the end of the year.
A search for his successor has begun, and that person will likely be a turnaround expert.
Byland was set up by the brand’s Chinese franchise partner, Rebecca Feng.
Shareholders’ stakes have been wiped out and the company has suspended trading, but commercial operations are still running.
Chairman Ian Cheshire has now left the company, while ceo Sergio Bucher remains, despite the demotion.