British Retailer Debenhams Prepares “Light Touch" Administration

British department store chain Debenhams is preparing to enter administration for the second time in a year to protect the business from legal action from creditors during the coronavirus emergency that could have pushed it into liquidation, Reuters reported. The retailer said on Monday it had filed a notice of intent (NOI) to appoint an administrator. With Britain in lockdown during the pandemic, Debenhams’ 142 UK stores are currently closed, while the majority of its 22,000 workers are being paid under the government’s furlough scheme. It continues to trade online. It is making preparations to resume trading its stores once the government restrictions are lifted, with the filing of a NOI in the UK a first step in that process. Read more