The end of a year – and an era.
In 1887 Frederick Bobby bought an established drapery store in Margate, Kent, and he soon expanded the business into several neighbouring premises. . In 1900, the business was incorporated and an expansion programme was begun, opening stores in specially selected towns, mostly seaside resorts. One of these resorts was Folkestone. Frederick Bobby retired from the business in 1927, selling his shares to a recently formed retail conglomerate, the Drapery Trust. That in turn evolved into the Debenhams group by the 1950s.
Sadly, this department store that has been the hub of Folkestone town centre shopping for about a hundred years is set to close in a couple of weeks. Debenhams, which employs 25,000 people, was taken over by its lenders a fortnight ago in a pre-pack administration that wiped out shareholders. Its new owners, who are a consortium of banks and hedge funds, are launching the major store-closure programme via an insolvency process known as a company voluntary arrangement (CVA).
A growing number of retailers, struggling as sales shift online, are using CVAs to scale back their high street presence and reduce rent bills.
Twenty two stores, including Folkestone’s, are set to close after Christmas if they have not already closed. A further twenty eight will follow. The nearest Debenham stores in Ashford and Canterbury are also closing.
So Debenhams joins the likes of Marks & Spencer and Woolworths, household names that have vanished from our High Street. Even the open air market is dwindling. End of era indeed.
The end of a year – and an era.
In 1887 Frederick Bobby bought an established drapery store in Margate, Kent, and he soon expanded the business into several neighbouring premises. . In 1900, the business was incorporated and an expansion programme was begun, opening stores in specially selected towns, mostly seaside resorts. One of these resorts was Folkestone. Frederick Bobby retired from the business in 1927, selling his shares to a recently formed retail conglomerate, the Drapery Trust. That in turn evolved into the Debenhams group by the 1950s.
Sadly, this department store that has been the hub of Folkestone town centre shopping for about a hundred years is set to close in a couple of weeks. Debenhams, which employs 25,000 people, was taken over by its lenders a fortnight ago in a pre-pack administration that wiped out shareholders. Its new owners, who are a consortium of banks and hedge funds, are launching the major store-closure programme via an insolvency process known as a company voluntary arrangement (CVA).
A growing number of retailers, struggling as sales shift online, are using CVAs to scale back their high street presence and reduce rent bills.
Twenty two stores, including Folkestone’s, are set to close after Christmas if they have not already closed. A further twenty eight will follow. The nearest Debenham stores in Ashford and Canterbury are also closing.
So Debenhams joins the likes of Marks & Spencer and Woolworths, household names that have vanished from our High Street. Even the open air market is dwindling. End of era indeed.