Struggling High Street stalwarts facing crucial week, with Debenhams and Cath Kidston both teetering on brink
Struggling High Street stalwarts are facing a crucial week, with retailers Debenhams and Cath Kidston both teetering on the brink.
Department store chain Debenhams – which has furloughed most of its 22,000 staff – has brought in accountants from KPMG to prepare for possible collapse within days, it is understood.
Sign of the times: Cath Kidston could reportedly go bust this week – putting at risk 800 jobs
At the same time, homeware retailer Cath Kidston could reportedly go bust this week – putting at risk another 800 jobs.
It comes as Sir Philip Green’s Arcadia retail empire is also under pressure, with the business – which includes fashion chains Topshop and Dorothy Perkins – said to be preparing to offload hundreds of stores.
The already-struggling retail sector has been hammered by the coronavirus pandemic, with the lockdown keeping customers at home and wiping out revenues.
Debenhams said it was also in talks with the Pensions Regulator about ‘protecting members interests’.