// Debenhams launches closing down sale
// The department store is liquidating after a sales process collapsed last week
// It still has no confirmed buyer, although Frasers Group & Authentic Brands have expressed interest
Debenhams has launched a closing down sale despite receiving no offers from interested buyers since going into liquidation.
The department store chain is offering up to half price off many items and even up 70 per cent off some in its physical stores and via its online business.
The retailer went into liquidation on December 1, putting 12,000 jobs at risk, when JD Sports pulled out of talks to acquire the business as part of a sales process.
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Despite no confirmed buyers since then, Mike Ashley’s Frasers Group expressed interest in Debenhams’ online business for its strength in the beauty sector and could also take on an unspecified number of stores.
Ashley revived his interest in taking over Debenhams after JD Sports withdrew its interest and placed the 242-year-old retailer on the verge of liquidation.
JD Sports’ withdrawal was partly linked to the administration of Sir Philip Green’s Arcadia Group, which is the biggest operator of concessions in Debenhams stores.
US-based Authentic Brands Group is also believed to be considering purchasing Debenhams.
Debenhams had already launched a fire sale earlier this month, but it has now specifically called it a closing down sale.
The closing down sale means that its 124 UK stores and the website are continuing to trade.
However, it has been reported that the liquidation should be complete by the end of this month.
Debenhams will close down for good if no offers are made and shoppers have been urged to spend any gift cards and return any unwanted goods as soon as possible.