The future of 2,300 employees in Principles was thrown into doubt as Debenhams neared a deal that would enable the department store chain to take control of Principles’ clothing stock but wash its hands of the 90 Principles independent stores and head office staff, reported the Financial Times.
Debenhams, which runs Principles concessions in most of its department stores, is keen on buying up stock to ensure that the brand looks fresh and well-supplied in its branches over the coming months. However, while the stock is safe, it was unclear on Friday night what would happen to the Principles brand and its shops, which Debenhams is not interested in running.
Peter Davies, the retailer who once ran Principles, tried to buy the chain last week but lost out to his much bigger rival. “I am sad and disappointed that we weren’t able to save the business,” he told the Financial Times on Friday.
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