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Online Retailer Boohoo Acquires Debenhams

Online Fashion Retailer Boohoo has acquired Britain’s Debenham’s brand and website for £55 million, or $75.57 million. However, Boohoo will not acquire the department store’s remaining 118 stores, nor its workforce.

Boohoo labeled the deal “transformational” and a “huge step,” despite 12,000 jobs at the department store chain being lost. Debenham’s, which has been operating for 242 years, has already been in the process of closing down after administrators failed to secure a rescue deal.

As per the deal, Boohoo said it had acquired all intellectual property assets. These assets include customer data, related business information, and selected Debenham contracts from the department store’s administrators. Boohoo said that they expect to launch Debenhams on their website later this …

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