Debenhams has announced that they have been placed into adminstration.
The retail giant has 11 stores in Ireland and has confirmed that trading divisions, staffs, suppliers and customers are not affected yet despite the announcement.
They are expected to close 50 of their 165 department stores sometime in the future after lenders took control of the UK parent group yesterday morning.
However, these closures will not take place any time soon according to the company.
Debenhams’ chairman Terry Duddy said: “It is disappointing to reach a conclusion that will result in no value for our equity holders."
He added that the move allows Debenhams to continue trading as normal for now.
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“We remain focused on protecting as many stores and jobs as possible, consistent with establishing a sustainable store portfolio in line with our previous guidance,”
“In the meantime, our customers, colleagues, pension holders, suppliers and landlords can be reassured that Debenhams will now be able to move forward on a stable footing. I would like to thank them all for their recent and continuing support.”
Debenhams employs more than 1,600 staff in the Republic, with stores in Dublin, Cork, Galway, Kildare, Kerry, Limerick and Waterford.
A representative from Debenhams said: “I’m afraid we cannot comment on individual stores and their employees at this stage.”
