LONDON — Celine, the investor consortium owner of British department store chain Debenhams, said on Thursday the bids received for the business were not at an acceptable level so it will instead retain ownership.
After Debenhams collapsed into administration on April 9, a sales process was started.
"The administrators of Debenhams considered the bids received during the marketing process and determined that these were not at the level required to be taken forward and therefore the ownership of the Debenhams Group remains with Celine," the consortium said in a statement.
Celine said it was a committed long-term owner of Debenhams.
By James Davey; editor: Paul Sandle.