Mubasher: Boohoo Group, the UK-based online fashion retailer, has inked an agreement to acquire the Debenhams brands and other business assets including all the in-house websites in exchange for £55 million.

Under the agreement, a new Debenhams-branded business will be introduced in a different shape, including an online operation, according to a press release on Monday.

The transaction does not include Magasin du Nord in Denmark, which will continue to operate independently. 

Boohoo Group will not employ Debenhams stores and its workforce, and the sale will continue in stores for several weeks until the stock liquidation is completed.

 Following the completion of the current stock liquidation, all the UK stores will be permanently closed.

The Joint Administrator and Partner of FRP Advisory, Geoff Rowley, commented: "I expect that the agreement with boohoo may provide some job opportunities but we regret that this outcome does not safeguard the jobs of Debenhams’ employees beyond the winding down period."