the undignified demise of Debenhams

Calvert says Debenham’s brand selection never really moved on either, and its reliance on constant promotions devalued it in consumers’ eyes. The Designers by Debenhams ranges never evolved and featured the same designers, year after year.  “There were huge structural headwinds in times of declining footfall and the move online,” she adds.

In April last year, Debenhams went into administration, putting it in the control of a group of lenders, including banks and hedge funds. Restructuring followed, stores were shut, and jobs were lost.

There was added drama in that Sports Direct owner Mike Ashley, who had a 30pc stake in the business, made a last-ditch effort to bail out Debenhams on the condition that he be made chief executive – an offer that was flatly refused.

Ashley lashed out at Debenhams’ owners, calling the chain of events a “national scandal” that regulators needed to investigate and demanded the administration process be halted. Nevertheless, the shares were delisted and Ashley’s stake, alongside the equity of other shareholders, was wiped out. 

Fast forward 20 months and, having failed to find a new owner and with business still in decline, Debenhams finds itself heading for liquidation. “I guess you could say it is a pretty undignified way to go,” says Calvert.

For Debenhams, it seems the story these past two decades has been one of “too little too late”.

“It never regained what it had,” says Hinton. “And the pandemic only accelerated its decline. Is it a sad day? It’s always sad when you see a high street name disappear, but I wonder how many people will really miss it.”