Last Updated on Wednesday, 2 June, 2021 at 7:35 pm by Andre Camilleri
Debenhams Malta will close its doors as a result of of the withdrawal of the franchise internationally.
This was announced in a statement by Debenhams Malta’s operators – United Finance and United Department Stores.
Following the announcement in 2020 by Debenhams UK that it will be ceasing its operations and go into liquidation, the last stores in the UK closed on 15 May 2021.
“Although the Debenhams stores in Malta have been operated independently from the UK under a franchise agreement, operations are nonetheless intrinsically tied to the UK Company for the granting of the franchise as well as the supply of merchandise,” the company said.
“Thus, the winding up of the UK company has resulted in the withdrawal of the franchise internationally. As a result, United Department Stores Limited has had to take the difficult decision to also wind up the local outlets of the Debenhams franchise.”
“United Finance p.l.c. has, notwithstanding the significant challenges it has faced during 2020 and 2021, managed to overcome the principal challenges and has sufficient financial resources to meet all of its obligations when they fall due.”
“The Board of Directors will continue taking all measures that it considers appropriate to ensure the long-term sustainability of the Company and the Group.”