Debenhams to move online after £55m Boohoo deal

Boohoo said it was a “transformational deal” and a “huge step”. But the deal means that up to 12,000 jobs at the department store chain are set to go.

As it will move the brand online and not take on the firm’s remaining 118 High Street stores or its workforce.

The 242-year-old Debenhams chain is already in the process of closing down, after administrators failed to secure a rescue deal for the business.

Boohoo has already bought a number of High Street brands out of administration. It snapped up Oasis, Coast and Karen Millen, but not the associated stores.

Asos says it is in “exclusive” talks to buy the Topshop, Topman, Miss Selfridge and HIIT brands out of administration.

But the online retailer said it only wanted the brands, not their shops, suggesting any deal would cost jobs.

The current owner of the brands, Sir Philip Green’s Arcadia Group, fell into administration last November putting 13,000 jobs at risk.