Britain’s iconic brand Debenhams has made a comeback after online fashion retailer Boohoo said on Tuesday it was rebranding itself as Debenhams and pivoting to a marketplace model to drive growth, profitability and cash generation.
Here is a timeline of how the department store chain Debenhams went from the highs of being a household name to the lows of administration. It has now resurfaced as a brand that Boohoo hopes will help it tide over supply chain issues, weak demand, and fierce competition from the likes of e-commerce platforms Shein and Temu.
1778 – William Debenham joined Thomas Clark in a partnership to manage a draper’s store at 44 Wigmore Street in London, founding Debenhams.
1928 – Debenhams is listed on the London Stock Exchange.
2003 – A consortium that includes CVC Capital Partners takes Debenhams private.
2006 – The company is listed once again on the London Stock Exchange.
Jan 10, 2019 – Angry investors force Debenhams Chief Executive Sergio Bucher off the board and the chairman out of the company. Both executives are opposed by billionaire Mike Ashley’s Sports Direct at the company’s annual general meeting.
Sports Direct owns a 29.7% stake in Debenhams.
March 14, 2019 – Debenhams’ biggest shareholder, Sports Direct, makes an unsecured loan offer with conditions that include the appointment of Mike Ashley as CEO.
April 8, 2019 – Debenhams rejects an offer from Sports Direct to underwrite a 150 million pound rights issue in exchange for a CEO role for Mike Ashley.
April 9, 2019 – Sports Direct says it does not intend to make an offer to buy Debenhams.
April 9, 2019 – Debenhams enters administration for the first time, wiping out equity investors including Sports Direct.
May 9, 2019 – The creditors of Debenhams support a restructuring plan that will see 22 stores closed in 2020, putting 1,200 jobs at risk.
April 6, 2020 – Debenhams goes into administration for the second time in 12 months, seeking to protect itself from legal action by creditors during the COVID-19 crisis.
December 1, 2020 – Shutters come down as administrators announce Debenhams will be wound down.
December 7, 2020 – Mike Ashley’s Frasers Group says it is in talks to buy Debenhams from administrators in a rescue deal.
January 25, 2021 – Boohoo acquires the heritage brand Debenhams and other business assets, including all its in-house brands and websites, for 55 million pounds.
May 5, 2021 – After more than 240 years in business, Debenhams says it will permanently close its remaining stores.
October 18, 2024 – Boohoo says CEO John Lyttle would step down and launches a review of strategic options for its various divisions.
October 24, 2024 – Frasers Group, now Boohoo’s largest shareholder, calls for a general meeting of Boohoo to appoint Mike Ashley as a director and CEO.
November 1, 2024 – Boohoo names Dan Finley, who was head of Boohoo’s digital department store unit Debenhams, as its new CEO.
November 6, 2024 – Frasers insists that Boohoo “publicly confirm” that no asset disposals are conducted without shareholder approval after board’s refusal to allow shareholders to vote on key decisions such as the CEO appointment.
November 8, 2024 – Boohoo questions Frasers’ interests and raises concerns over Frasers’ independence and the level of control it desired.
November 21, 2024 – Frasers looks to oust Boohoo’s co-founder Mahmud Kamani as a director after he was removed as chair at Boohoo, and appoint Ashley and restructuring specialist Mike Lennon as directors.
December 13, 2024 – Boohoo says it was willing to offer Frasers one board seat but not to Mike Ashley.
December 20, 2024 – Boohoo shareholders vote against Mike Ashley’s appointment to the board.
January 21, 2025 – Boohoo shareholders vote against the removal of co-founder Mahmud Kamani from the board.
March 5, 2025 – Frasers discloses about 29% stake in Boohoo.
March 11, 2025 – Boohoo rebrands itself as Debenhams, names new CFO and says it will pivot to a marketplace model.