Debenhams’ Danish department store Magasin du Nord has been acquired by the German retailer Peek & Cloppenburg. The Düsseldorf-based company bought the retail chain’s seven stores for an undisclosed amount, marking its debut in the Scandinavian market after its expansion into Eastern Europe.
Established in 1868, Magasin du Nord has two stores in Copenhagen and another five in Lyngby, Odense, Aarhus, Rødovre and Aalborg. It also has a successful online business.
It was acquired by Debenhams in 2009 for £12.9 million and was put up for sale in September last year, after the ailing British retailer was overwhelmed by the Covid-19 pandemic.
As the coronavirus lockdowns added a new burden to an already difficult situation, with sales lagging in the pre-pandemic years, Debenhams went into administration in April last year and into liquidation in December. In January, the brand, e-commerce operations and assets were purchased by the online retailer Boohoo in a £55 million (€64.0m-$77.6m) deal.
After 243 years of trading on the high street, Debenhams shut down its remaining 28 stores across the U.K. on May 15.
Magasin du Nord was not concerned by Debenhams’ administration and the Danish department store will continue to be run as an independent company after the takeover. Established in 1900, Peek & Cloppenburg has 140 stores in 15 countries and employs 13,700 people throughout Europe.