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Published
May 12, 2016
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Debenhams Irish unit applies for examinership following years of losses

Published
May 12, 2016

Debenhams Retail Ireland, a wholly-owned subsidiary of the British department store, has applied to the High Court in Dublin seeking the appointment of an interim examiner.



The company has been operating with financial losses for years and in the last financial year it reported losses of €6.7 million due to ‘disproportionately’ high operating costs.

Under Irish law, the examinership process provides a company with the protection of the court to assist its survival. To obtain the appointment of an examiner, who will prepare a scheme of arrangement with creditors, the company has to persuade the court that there is a reasonable prospect of turnaround.

Debenhams said the process is estimated to last up to 100 days.

John Bebbington, Director of Debenhams’ Irish arm said: "The Directors of Debenhams Retail (Ireland) Ltd will work hard to secure the long term future of the business in Ireland, enabling us to continue to serve our customers well, to provide sustainable jobs for our colleagues and to support the Irish economy. A key element of the examinership would be to protect as many jobs as possible. We believe this will be in the best long term interests of all our stakeholders.”

According to Bebbington, Debenhams will continue to trade in Ireland as usual during the examinership process.

The retail subsidiary operates 11 stores in the country, as well as a localised online store.

The announcement comes shortly after British retailers BHS and Austin Reed entered administration.

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