Debenhams will exit the UK high street for good on May 15 as the administrators close its remaining stores. The closures will end more than 200 years in which the company has been a major name in UK retail.
Value retailer Studio Retail said its new CEO is in place. Paul Kendrick has been appointed to the top post as of now, replacing Phil Maudsley who retired and stepped down as a director of the company at the same time.
The grave state of physical retail, and fashion retail in particular, surfaced Wednesday as a report showed over 11,000 UK stores disappeared last year. Darker still, a further 18,000 stores could close this year.
What had once seemed unthinkable is now not only happening but accelerating as failed UK retailers' giant spaces are transformed for new uses. And a spate of news on Monday showed the extent of the issue.