// Debenhams has sold off its Magasin du Nord fascia to new owners in an undisclosed deal
// Terms of the transaction with Peek & Cloppenburg have not been disclosed
// It comes shortly after Debenhams exited the UK high street for good this month
The Danish department store fascia owned by Debenhams has been sold to a new owners in an undisclosed deal.
Department Store Realisations Limited, formerly trading as Debenhams, today confirmed that it has agreed the sale of Magasin du Nord to Peek & Cloppenburg.
The terms of the transaction have not been disclosed.
READ MORE:
- Debenhams London flagship to transform into new retail and office scheme
- Debenhams exits high street for good
- Debenhams Irish store staff approve compensation deal
Peek & Cloppenburg is one of Europe’s leading multi-brand omnichannel fashion retailers, headquartered in Germany, with 140 stores in 15 countries.
Magasin du Nord has seven stores – two in Copenhagen plus Lyngby, Odense, Aarhus, Rødovre and Aalborg, as well as an online business.
It was first acquired by Debenhams in 2009.
The news comes after Debenhams left the UK high street for good earlier this month. Its Irish operations shut down last year.
Debenhams had shut down its remaining 28 stores across the UK on May 15, marking the final nail in the coffin in its 243 years of trading on the high street.
The department store had suffered slumping sales in recent years as shoppers moved away from traditional department store models.
However, the enforced closure of sites during the Covid-19 pandemic was the final straw, resulting in the retailer falling into administration in April last year – just weeks after the first UK-wide lockdown began.
Debenhams then went into liquidation in December after the administration process failed to secure any buyers to save the business. The administration did not include Magasin du Nord.
About a month later in January, Debenhams’ brand, ecommerce operations and assets were purchased by Boohoo Group in a £55 million deal.
The deal did not include Debenham’s store estate, which spelled the end of the department store’s bricks-and-mortar operations.
Click here to sign up to Retail Gazette’s free daily email newsletter
