Debenhams' Magasin du Nord is sold to Peek & Cloppenburg
The Debenhams physical store chain may be history in the UK, but one part of the business is continuing as a physical entity with its Danish Magasin du Nord operation being sold to Germany’s Peek & Cloppenburg for an undisclosed sum.
Department Store Realisations Limited, formerly trading as Debenhams, confirmed that an agreement has been reached for the sale.
Magasin du Nord was always a more successful arm of the overall Debenhams operation and it will now join one of the leading multibrand fashion retailers in Europe. In total the new owner has 140 stores across 15 countries and operates both in physical stores and online. The plan is to keep Magasin du Nord as an independent retail banner.
“Magasin du Nord, like Peek & Cloppenburg, is a retail company with a long tradition,” the German firm said. “Due to the current market dynamics, the opportunity has arisen to bring [it] under our umbrella and we are convinced that both companies will benefit from this new partnership.”
It added that it sees great potential for it in Europe and the deal helps Peek & Cloppenburg enter a new European country too.
Magasin du Nord currently operates a webstore and seven physical in shops Copenhagen, Lyngby, Roedovre, Fields, Odense, Aarhus and Aalborg.
Its management called its new parent company “a trustworthy and long-term partner”.
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