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Use your Debenhams gift cards quickly

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  • 19-03-2019 11:02am
    #1
    bluetractor
    Banned (with Prison Access) Posts: 56 ✭✭


    News from the UK is saying that Debenhams are looking at a pre-pack administration and this could be announced in the next few days if they can't come to agreement with lenders. In such an event (and its higher than 50/50) it is likely that gift cards will become worthless just like House of Fraser. So use them asap.


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    #2
    dublinman1990
    Registered Users Posts: 8,487 ✭✭✭dublinman1990


    Joel Hills on ITV News at Ten reported tonight that the administration for Debenhams could happen as early as tomorrow.

    https://www.itv.com/news/2019-04-08/debenhams-headed-for-administration-as-mike-ashleys-rescue-bid-rejected/

    It could be delisted from the stock market by then with shareholders including Mike Ashley being entirely wiped out from any future dividends from the company. He made a bid to them to become chief executive recently as soon as Debenhams approved his takeover offer which amounted to about £150 million of cash into the company. Debenhams made a counter statement to say that they would not approve it because the banks & lenders having huge amounts of debts associated with Debenhams are not liking Mike Ashley. In response Mike Ashley said to the executive board that 2 of the executives should take a lie detector test which is bloody bizarre although he is known to say outlandish things when taking takeover deals before. A lá HMV.

    The stores, their staff and the lease agreements with their commercial landlords & shopping centre management will not be affected for now until some other development happens about their future ownership. I wouldn't like to be hearing news that Debenhams in Frascati SC will be closing soon because it is a very big unit stretching 3 floors. Roches Stores was in there before them.


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    #3
    Lux23
    Registered Users Posts: 7,134 ✭✭✭Lux23


    Feck, I will have nowhere to buy a decent bra now.


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    #4
    dublinman1990
    Registered Users Posts: 8,487 ✭✭✭dublinman1990


    It appears that going from media reports here; the Irish stores in the Republic are not affected at all by what is happening in the UK. The reason being the Irish stores are currently trading at a profit & run by a separate operation here. I think it's called Debenhams Ireland Retail Ltd. I think that means everything in the Irish business is still running as normal. But if big losses come into the Irish stores in future. They may be in trouble later on.


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    #5
    Lux23
    Registered Users Posts: 7,134 ✭✭✭Lux23


    But if the parent company goes out of business, they're hardly likely to keep going themselves as they would have to source their stock at a much higher cost than they do now.


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    #6
    GerardKeating
    Registered Users Posts: 7,667 ✭✭✭GerardKeating


    dublinman1990 wrote: »
    It appears that going from media reports here; the Irish stores in the Republic are not affected at all by what is happening in the UK. The reason being the Irish stores are currently trading at a profit & run by a separate operation here. I think it's called Debenhams Ireland Retail Ltd. I think that means everything in the Irish business is still running as normal. But if big losses come into the Irish stores in future. They may be in trouble later on.

    But all the stock comes from the UK company, all the irish online orders are shipping from the UK, the IT system is in the UK, if the UK company folds, the irish store has nothing to sell.., no cash registers etc.


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