It's likely SoftBank will sober up, acknowledge the laws of physics, and confirm some type of pre-pack restructuring/bankruptcy before Thanksgiving.
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Analysts expect Debenhams' restructuring to include an acceleration of its store closure plan and see a so called pre-pack administration as an option.
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Lift them out and sprinkle the remaining half a packet of the pre-pack ramen-type noodle powder on the naughty little snakes. 7.
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Struggling department store Debenhams Plc looks likely to be placed into a pre-pack administration after its lenders rejected major shareholder Sports Direct International Plc's recapitalisation plan.
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The Times Sergio Bucher is to be replaced as chief executive of Debenhams after the department stores chain was handed to its lenders via a pre-pack administration. bit.
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It is then likely to be put in a so-called pre-pack administration that enables stores to keep operating while its lenders restructure the operations and seek to cut rents.
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The company is now expected to file to go into a 'pre-pack' administration on Friday evening, under a plan overseen by EY which would see Interserve's creditors buy its assets.
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The provider of public services ranging from school lunches to hospital cleaning, which employs 65,13 people including 45,000 in Britain, said it will file for a 'pre-pack' administration on Friday under a plan overseen by EY. A pre-pack process enables the sale of assets to a new owner and Interserve said in a statement that its lenders were lining up to buy them and enable it to operate "as normal" for the time being.
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Interserve declined to comment but the company's chairman, Glyn Barker, told the Telegraph newspaper on Saturday that Coltrane would be to blame if the company has to opt for a pre-pack deal.
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Interserve had said on Tuesday the proposed pre-pack transaction would achieve broadly the same outcomes by exchanging the same level of debt for shares and injecting 110 million pounds of additional liquidity.
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Interserve had said on Tuesday that the proposed pre-pack transaction would achieve broadly the same outcomes by exchanging the same level of debt for shares and injecting 110 million pounds of additional liquidity.
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Banks for Interserve have lined up a so-called pre-pack administration that will wipe out existing shareholders but enable the troubled outsourcer to keep operating, a person familiar with the situation said on Saturday.
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LONDON (Reuters) - Banks for Interserve have lined up a so-called pre-pack administration that will wipe out existing shareholders but enable the troubled outsourcer to keep operating, a person familiar with the situation said on Saturday.
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The provider of public services ranging from school lunches to hospital cleaning, which employs 65,000 people including 45,000 in Britain, said it will file for a "pre-pack" administration on Friday under a plan overseen by Ernst & Young.
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"Our best efforts to achieve a pre-pack administration have failed because the financial requirements specified within the negotiations went beyond the point where the new company had a chance of financial viability," A Vertu spokesperson told The Telegraph.
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LONDON, March 9 (Reuters) - Banks for Interserve have lined up a so-called pre-pack administration that will wipe out existing shareholders but enable the troubled outsourcer to keep operating, a person familiar with the situation said on Saturday.
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A pre-pack process enables the sale of assets to a new owner and Interserve said in a statement that its lenders were lining up to buy them and enable it to operate "as normal" for the time being.
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My best "make sure you actually go to the gym" hack has always been to pre-pack my gym bag with the things I need for a good workout (you know, a good water bottle, workout headphones, a quick-drying towel) and leave the bag somewhere I'll virtually trip over.
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In the course of his judgment he discussed the concerns about pre-pack administrations.
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The accident happened when the woman, a stand-in chargehand, was working in the factory's pre-pack section.
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Revenue and Customs Commissioners v Maxwell [2010] EWCA Civ 1379 is a UK insolvency law case, concerning pre-pack insolvencies.
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On 24 April 2012, it announced that the company had been sold, to a company affiliated with Floors-2-Go. This was in a pre pack administration deal.
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Floors-2-Go was a wood flooring retailer in United Kingdom, first established in 1999. In April 2012, the company's affiliates took over Allied Carpets, in a pre pack administration deal.
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Pre-packs have attracted criticism because of the appearance it gives to unconnected parties that the company has just continued without its creditors. SIP 16 was introduced in January 2009 to assist Insolvency Practitioners in pre-pack cases. It was designed to make the process more transparent for creditors, and to ensure that fair value was obtained for the assets. In November 2009, the Office of Fair Trading announced a study into corporate insolvencies, with particular focus on pre-pack administrations,Pre- pack administrations to be investigated by OFT, Business Sale Report, 24 November 2009 to report on whether the insolvency market is operating efficiently, with enough freedom of competition between insolvency practitioners and whether consumers and creditors are being treated as fairly as possible.
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Coltrane warned Interserve's prospective administrator against arranging a pre-pack insolvency deal, demanding rigorous and comprehensive marketing, and holding out the prospect that Coltrane might acquire the company from the insolvency process.
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See also Royal Trust Bank v Buchler [1989] BCLC 130. This means that an administrator can sell the whole assets of a company immediately, making the eventual creditors' meeting redundant.Part of Naguib Sawiris' telecomms group, the pre-pack administration of a subsidiary of WIND Hellas was approved by Lewison J in Re Hellas Telecommunications (Luxembourg) II SCA [2009] EWHC 3199 (Ch). He remarked a pre-pack will not usually be an abuse of an administrator's powers. Because of this and out of court appointments, since 2002, "pre-packaged administrations" became increasingly popular.
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At the 15 March AGM, the deleveraging plan was rejected by shareholders, and trading in the company's shares was suspended. Interserve's board confirmed it had applied for the parent company to be placed into administration, and said it was pursuing the pre-pack option. The board later announced the group had been sold to a new company, to be called Interserve Group Ltd, controlled by Interserve's existing lenders. The administration and pre-pack process meant banks wrote off up to £800m in loans, while Coltrane, Farringdon and around 16,000 small shareholders all lost their investments.
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Headquartered in Farringdon, in the London Borough of Islington, the company is majority owned by Stonebridge Capital. The company went into administration on 30 June 2020, closing its 66 UK stores. Stonebridge bought the company's assets in a pre- pack deal.
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In February 2012, UGO Stores was itself placed in administration, and the chain was bought by Poundstretcher, in a pre pack sale, with 18 of the twenty stores to become part of the Poundstretcher chain and the other two (Nuneaton, Hull) to close as Poundstretcher already had stores nearby.
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As part of the project, Pavers announced they would commission a $3 million footwear design studio in Chennai.Hindu Times Pavers ties up with reliance footprint In February 2018, Pavers acquired Jones Bootmaker from administrators in a pre-pack deal . They also purchased specialist online retailer Herring Shoes in July 2018.
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An example of a pre-pack is the sale of the assets of Cobra Beer to Coors immediately after Cobra Beer entered administration. This allowed the brand to continue and saved jobs,Pre-packs overtake normal administrations, Accountancy Age, 18 June 2009 but also left suppliers out of pocket by an estimated £75 million.
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In September 2015, Oliver Meakin was appointed as CEO, setting new strategy for home automation and App based technology. In January 2018, Graham Harris was appointed new CEO replacing Oliver Meakin. It was reported in February 2018 that the company was seeking a buyer, and attempted to enter into a "pre pack" administration deal as part of a sale.
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With this acquisition, the employee count grew to over 800 employees.Francis, Jo Service Point UK has been placed into administration ahead of an anticipated pre-pack sale of the business., PrintWeek, April 28, 2014 In January 2013, John Delbridge took over as the CEO and president, following Adam Slutsky's departure. For the period 2005 to 2012 Mimeo reported an annualized growth rate of +25%.
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During the 1830s, Thomas Ridgway began trading in the Bull Ring, selling tea. Ridgway later went bankrupt. Setting up business in London, he paid back all of his creditors and continued his tea trade, becoming one of the first English tea companies to hygienically pre-pack tea so as to avoid adulteration. In 1876, Queen Victoria commanded House of Ridgways to create a blend for her own personal use.
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On 1 March 2011, Andy Latham resigned as a director of the board. Latham set up a new company called Retail Acquisitions Ltd, with the same registered office as Alworths, prompting speculation that a pre-pack administration was being contemplated. On Monday 28 March 2011 Alworths was placed into administration, with many stores no longer selling music, games or even pick n mix. A policy of no returns came into effect.
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There was also a division servicing the main UK mail order catalogues, such as Freemans and Littlewoods. The brand celebrated its 40th anniversary in 2004. In December 2004, Faith Shoes was bought for £65 million by private equity group Bridgepoint Capital, and some years later entered into a pre-pack administration agreement in 2008, when John Kinnaird bought the business. In April 2010, all stores were closed as part of a new administration procedure.
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The first employee, Gustav Strobel, was hired in 1964 and worked for the company for almost 40 years. At about the same time Roland Meinl began to import affordable music instruments from Japan, being one of the first Pearl importers in Europe. He later began to import Tama and Ibanez instruments.Brief company history (Version May 6, 2006 from Internet Archive) In 1974 Meinl was the first cymbal company to offer pre-pack cymbal sets.
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The company was acquired by the firm Active Private Equity in 2008 for £30 million. British private equity firm ECI Partners then acquired a majority stake in the company in May 2015 for £75 million. On 30 October 2018, Evans Cycles entered administration, and was purchased by Sports Direct (now, Frasers Group) in a pre-pack administration for £8 million. At the time of its insolvency in 2018 the company had 60 stores UK-wide.
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Pre-packaged insolvency (a "pre-pack") is a kind of bankruptcy procedure, where a restructure plan is agreed in advance of a company declaring its insolvency. In the United States pre-packs are often used in a Chapter 11 filing. In the United Kingdom, pre-packs have become popular since the Enterprise Act 2002, which has made administration the dominant insolvency procedure. Such arrangements are also available in Canada under the Companies' Creditors Arrangements Act.
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The debt-for-equity plan was rejected at an annual general meeting on 15 March 2019, and Interserve plc went into administration owing creditors over £100m. In a pre-pack deal, the rest of the group was immediately sold to a newly incorporated company owned by lenders, Interserve Group Ltd, with a break-up of the company expected in 2020. The sale of Interserve's facilities management business to Mitie was announced in June 2020.
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In 2010, Cath Kidston sold a majority stake of the company to private equity investors TA Associates, retaining a minority stake and remaining the company's Creative Director. In October 2016, TA Associates sold its stake to Baring Private Equity Asia for an undisclosed amount. The transaction saw chairman Paul Mason replaced by William Flanz, former chairman and executive of Gucci Group. In April 2020, during the coronavirus pandemic, the company underwent a "pre-pack" administration.
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It was sold in 2010 to the Macintosh Retail Group, and again in 2015 to Alteri Investors, back by Apollo Global Management. Alteri filed an intention to appoint administrators for Jones on 15 March 2017, and the company was purchased in a pre pack administration deal by Endless LLP on 26 March 2017, which saved seventy two of the stores. The chain was purchased from Endless by Pavers Shoes in February 2018.
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The group's other fascias UAE Exchange, Xpress Money, TimesofMoney, Remit2India, Unimoni and Ditto (which had ceased previously) all displyed suspension notices on their respective websites: On 30 April 2020, Finablr announced previously-undeclared debts of around $1.3 billion had been identified by Houlihan Lokey and Kroll as part of their investigations, adding that it: On 6 August 2020, following the its collapse into administration and its "pre-pack" sale, Travelex is no longer a Finablr subsidiary.
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On 10 August 2018, the House of Fraser entered administration. Later that day, Sports Direct agreed to buy all House of Fraser UK stores, the House of Fraser brand, and all of the stock in the business for £90 million in cash. Prior to the company entering administration, Sports Direct's Mike Ashley held an 11% stake in the company. On 30 October 2018, Evans Cycles was purchased by Sports Direct in a pre-pack administration deal.
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In October 2013, Hutton Collins Partners finally put in the £100 million offer and the chain was sold. In 2017 Hutton Collins sold a majority stake in Byron Hamburgers to Three Hills Capital Partners, with FPP Asset Management also becoming a new investor, while retaining a minority stake. On 29 June 2020, during the COVID-19 pandemic, Three Hills announced it was preparing to place the 51-restaurant chain into administration, hoping to trigger a quick pre-pack sale.
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High & Mighty administration likely as sale looms Retail Week. 8 September 2009. Retrieved 29 October 2010 In September 2009 it went into pre- pack administration and was quickly bought by the N Brown Group's main subsidiary, mailorder firm JD Williams, for £1.6 million. 14 of the 21 stores were included in the purchase, and the N Brown management said that they wanted to reinvigorate and expand the chain, which is N Brown's first branded foray on to the high street.
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The business stated that its delayed completion of financial statements was owing to the cyberattack and implications of COVID-19. On 01 July 2020, Travelex ceased its international money transfer services in the UK and abroad, it had formerly carried the branding 'Travelex Wire'. On 6 August 2020, the business collapsed into administration with PwC being appointed to multiple subsidiaries within the business that day. PwC later announced that a so-called "pre-pack" administration deal had been reached, with the company being taken over by a consortium of its creditors.
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The company developed a strategy of consolidation in the medico legal sector and diversification into medical screening and occupational health. It added other corporate clients to the portfolios such as SAGA, AA AA, Fortis, Budget, Liverpool Victoria LV and RBS (including Direct Line and Churchill), while maintaining close relationships with large solicitors such as Freshfields Bruckhaus Deringer, Lyons Davidson, Shoosmiths, Pannone, Russell Jones & Walker and Parabis and CTTS. In 2008 the firm acquired its major competitor, Medico-Legal Reporting; and acquired the assets of E-Reporting Group on a pre-pack agreement with KPMG.Trueland, Jennifer.
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A pre- pack is the process of selling the assets of a company immediately after it has entered administration. It is sometimes the case that the previous directors or management purchase the assets of the company from the administrator and set up a new company. This process has advantages in that it enables the administrator to realise a greater amount for the assets due to business continuity and that the goodwill of the company is preserved. The employees of the company are also usually transferred to the new company, preserving jobs.
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The London office was opened in 2004The Lawyer to service corporate clients acquired through niche Manchester firm Fox Brooks Marshall The Lawyer in 2003. On 30 January 2013 it was announced that Cobbetts would be entering administration,The Business Desk North West having filed a notice of intention to appoint administrators on 28 January 2013, and was now up for sale. On 31 January 2013 it was announced that the Manchester-based law firm DWF had agreed to acquire the bulk of Cobbetts' assets in a "pre-pack" transaction. The acquisition was completed on 7 February 2013.
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On 6 August 2020 administrators PwC announced that a so-called "pre-pack" administration deal had been reached, with the company being taken over by a consortium of its creditors. The deal provided £84m of new funding, reduced the business's debt and safeguarded 1,802 UK jobs and a further 3,635 globally. However, it added "Unfortunately, as the majority of the UK retail business is no longer able to continue trading, it has regrettably resulted in 1,309 UK employees being made redundant today". The acquiring of Travelex by its creditors went on to split the remaining business into two parts; OldCo and NewCo, together "New Travelex".
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Potential buyers would only be interested after an administration process. As a business, despite identified potential for VAT reclaims of over £1m, Blacks entered a 'pre-pack' administration for only four hours, to allow the new owner JD Sports to take the business forward debt- free. Back to profit in 2017 and now part of JD Sports Fashion, Blacks and Millets, led by CEO Lee Bagnall, returned to profit for the first time in almost ten years. The results announced as part of JD Sports annual results April 11, 2017 was taken as positive by the city, as JD shares rose to record levels.
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At an AGM on 15 March 2019, the deleveraging plan was rejected by shareholders, its shares were suspended, and Interserve's board applied for the parent company to be placed into administration while it pursued a pre-pack option. A new private company, Interserve Group Ltd, controlled by Interserve's existing lenders, emerged. In November 2019, Interserve announced an operational restructuring of the business; as a result, White left the business at the end of 2019. In March 2020, White took on an unpaid role to advise on the set up of a UK-wide network of testing centres as part of the UK Government's response to the COVID-19 pandemic.
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Selwyns TravelCompanies House extract company no 1385533 Selwyns Travel Limited is a coach tour operator based in Runcorn, England. Selwyns Travel was founded in 1968 by Robert Alun Jones. It grew with the purchase of Yates Tours in 1979, the Manchester Airport division of Ambassador Coaches t/a Starline Travel in 1994, Hardings Tours, Liverpool in 1996 and Haytons, Manchester in 2011.History Selwyns TravelHaytons saved by rival Selwyns in pre-pack deal Manchester Evening News 5 December 2011 In March 2013, the business was sold to the RATP Group with a fleet of 90 vehicles operating from depots in Runcorn, Manchester and St Helens.
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At the beginning of 2019, Interserve announced agreement on a deleveraging deal which retained RMD Kwikform in the group, but the plan was rejected by shareholders at an AGM on 15 March 2019. Interserve's board applied for the parent company to be placed into administration, and pursued a 'pre pack' deal, selling the group, including RMD Kwikform, to a new company, Interserve Group Ltd, controlled by Interserve's existing lenders. In August 2019, Interserve appointed Ken Hanna as a non executive director of its board, and chairman of RMD Kwikform. RMD Kwikform had been the strongest performer in the group, but results in 2018 showed a 27% drop in operating profits to £39.6m, as turnover fell to £195.5m from £229m.
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As part of its modernisation the company used its new branding to create a presence in the digital arena on Facebook and Twitter. A 'Good to Go' deli offering was introduced in the new concept restaurants, making bespoke sandwiches as well as takeaway meals appealing to customers on the move. 'Good to Go' sits alongside the traditional sit-down Little Chef format. In May 2011 the company reported a 47% increase in food sales. On 11 January 2012, Little Chef announced that it planned to close 67 of its failing restaurants, with the loss of up to 600 jobs. On 7 February RCapital announced that it was putting the Little Chef chain through "a pre-pack administration to offload a number of toxic leases".
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On 29 January 2018, CCP, a Slough-based dry lining contractor with a 350-strong site-based labour force, called in liquidators due to debts owed by Carillion. Already financially troubled ground engineering business Aspin Group Holdings went into administration in February 2018 as part of pre-pack deal after the group and its subsidiaries were owed around £800,000 by Carillion (bought by private equity firm Sandton Capital Partners, Aspin subsequently went into administration, with the loss of 200 jobs, in July 2019). On 23 March 2018, 160-strong mechanical and electrical subcontractor Vaughan Engineering warned it faced administration after losing £650,000 on two Carillion projects; KPMG were subsequently appointed as administrators, making 83 employees in Broxburn, 43 in Newcastle and 28 in Warrington redundant. Vaughan collapsed owing £9.2m to its suppliers, though one supplier, Bmech, later claimed that Vaughan used Carillion's collapse as a 'smokescreen' for its own poor payment record.
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Interserve's £90m expenditure on fees (to investment bank Rothschild investment bank, broker Numis, lawyers Ashurst LLP and Slaughter and May, accountant Grant Thornton and PR firm Tulchan) was said to be equivalent to the cash the firm would have if its restructuring plan was successful with shareholders. Coltrane called the sell- off to fund debts "an obscenity," and, on 4 March, submitted a revised financial rescue plan (giving 55% of the company to creditors, leaving shareholders with 37.5%) and told directors to stop advocating rival proposals put forward by the company's lenders (Coltrane later threatened legal action against Interserve's directors to hold them personally accountable for the company's losses). However, the Interserve board rejected this proposal, while lenders lined up a precautionary 'pre-pack administration' that would wipe out existing shareholders but keep Interserve operating if the deleveraging plan was not approved. On 11 March, lenders tried a last-ditch effort to win shareholder support by increasing the amount of equity retained by shareholders to 7.5%, but this was not backed by Interserve's board which urged support for the deleveraging plan offering shareholders 5%.
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The second store to open during 2017 is the new 93,000 sq ft store at Wolverhampton's Mander Centre. The store was opened on 12 October 2017 as part of the centre's £35 million refurbishments, it is also Debenhams' first store in Wolverhampton. It is only the second to feature the new layout previously only seen in the Stevenage store, and only the second to feature the company's new deli-restaurant format Loaf & Bloom, only previously seen at Milton Keynes. In February 2018, the company announced a reduction of up to 320 store management roles across the business by the end of March. Sports Direct increased its holding in the company to 29.7% on 2 March, just below the level whereby it would be required to submit a formal takeover approach. After considerable media speculation about Debenhams' survival, in 2018 the company announced the largest loss in its history, a pre-tax loss of £491 million, and the closure of up to 50 stores with the potential loss of 4,000 jobs. On 9 April 2019, the company announced that they had gone into pre-pack administration. On 26 April 2019, the company announced that in addition to rent reductions on all except 39 stores, 22 stores would close after Christmas 2019.
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