Debenhams directors will commence a liquidation process on its Irish, Hong Kong and Bangladesh businesses today, after its UK arm collapsed into administration last week.
The struggling department store group appointed advisory firm FRP Advisory as administrators on 9 April, in order to protect the UK business from liquidation.
This morning Kieran Wallace and Andrew O’Leary of accountancy firm KPMG were appointed as joint provisional liquidators of the Irish business. This will impact 958 direct employees, and 300 employees by concession partners.
Meanwhile, in a letter seen by Drapers, Debenhams said that having taken advice from Geoff Rowley and Alastair Massey of FRP Advisory’s restructuring practice, its directors have decided to commence a liquidation process on Debenhams Hong Kong Limited, which includes its Hong Kong and Bangladesh sourcing offices.
The resolutions to commence the liquidation process also took place today, where the employment contracts of all 48 Hong Kong employees were terminated. In the Bangladesh offices all 69 employees were terminated.
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