The internet wins once again after online fashion group Boohoo said it would buy British High Street retailer Debenhams. The UK department store fell apart just last month, with thousands of people losing their jobs.
The new deal, which is valued at £55m (around $75m) will allow Debenhams to maintain its brand. As part of the acquisition, Boohoo took over Debenhams’ intellectual property and will expand its e-commerce business into other sectors such as homeware and beauty.
The coronavirus pandemic was simply the final nail in the coffin of many brick-and-mortar stores, pushing many conventional High Street stores downwards.