Online fashion retailer Boohoo to buy Debenhams brand

Administrators for Debenhams said in December it would be wound down, closing all its shops after 242 years in business and putting 12,000 jobs at risk amid the COVID-19 pandemic. - Reuters

BENGALURU: Online fashion retailer Boohoo Group Plc is set to acquire collapsed British department store group Debenhams in a cut-price deal that will result in the closure of the group's remaining department stores, the Financial Times reported.

The purchase price is expected to be about 50 million pounds ($68.39 million) and a deal could be announced in the next few days, the newspaper reported, citing two people with knowledge of the transaction.