Debenhams Group put its Pretty Little Thing brand up for sale as its boss insisted ‘no stone will be left unturned’ in a revival plan.
The company, previously known as Boohoo Group before changing its name earlier this year, announced the potential sale as it posted a slump in revenues and widening losses.
Chief executive Dan Finley also said he was considering the closure of its distribution hubs in Burnley and the US as he pledged to transform the ailing business.
Debenhams’ Burnley site on the Heasandford Industrial Estate employs more than 3,000 staff.
Finley said: ‘I want to assure shareholders that the business is taking the necessary actions to address the challenges that we face. No stone will be left unturned.’
Debenhams is one of a number of old High Street brands that make up the group alongside the likes of Wallis, Burton, Coast, Oasis, Dorothy Perkins and Warehouse.
Up for sale: Pretty Little Thing sells a clothing range in collaboration with supermodel Naomi Campbell (pictured)
The group’s so-called youth brands such as Boohoo, Pretty Little Thing and MAN seem to have been harder hit by trends such as the post-pandemic fall in online shopping and competition from cut-price rivals such as Shein.
Boohoo bought Pretty Little Thing, which sells a clothing range in collaboration with supermodel Naomi Campbell, in 2016 for £3.3million.
Overdue figures for the year ended February 28, 2025 revealed the contrasting fortunes of the two divisions.
Overall sales for the group fell 10 per cent to £2.3billion, with its youth brands down 22 per cent to £1.5billion.
But Debenhams revenues rose 34 per cent to £654million. Losses across the group widened to £263.3million for the year from a £146.4million loss a year earlier.
Bosses blamed one-off costs, such as the closure of a US distribution centre and £26million worth of stock write-offs.
Boohoo rebranded as Debenhams in March this year, after reviving the 247-year-old department store brand.
The fast-fashion group bought Debenhams out of administration in 2021, dispensing with its bricks-and-mortar network in a major blow to the High Street and switching to an online operation.
AJ Bell’s Danni Hewson said: ‘Plans to offload its Pretty
Little Thing business give an indication of how tough the retail landscape really is, especially with younger shoppers who can get tomorrow’s looks at yesterday’s prices from Chinese competitors Shein and Temu.’
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
InvestEngine
InvestEngine
Account and trading fee-free ETF investing
Trading 212
Trading 212
Free share dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
This article was originally published by a www.dailymail.co.uk . Read the Original article here. .