Retailer buys Debenhams for $ 75 million
E-commerce retailer BoHoo announced today that it has bought the popular British clothing brand Debenhams, which went bankrupt last year.
British "Boho", which was founded in 2006, said it paid 55 million pounds ($ 75 million) for the trade name, intellectual property and customer list of "Debenhams".
However, "Booh" has not purchased any of the "Debenhams" stores, which means that its 118 branches are temporarily closed and its 10,000 employees are facing layoffs.
In a statement, Boohu said that after Britain left the closure restrictions related to the "Covid-19" pandemic, stores would be allowed to reopen to sell their stocks.
She added that it "will rebuild and launch the Debenhams platform ... to turn into new categories that include beauty, sports and household items."
"The acquisition of the brand was an exciting strategic opportunity ... to transform its target audience," said Boohoo CEO John Little.
It is noteworthy that the "Boohoo" company is currently specialized in selling women's and men's clothing and some types of cosmetics through its website.
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