Danish department store chain Magasin du Nord, which has been owned by Debenhams since 2009, has been acquired by German fashion retailer Peek & Cloppenburg.
Magasin du Nord will continue to exist as an independent chain and will join Peek & Cloppenburg’s store estate which currently comprises around 140 P& C stores and Anson department stores in 15 countries.
“Magasin du Nord, like Peek & Cloppenburg, is a retail company with a long tradition,” said Peek & Cloppenburg KG management in a release. “Due to the current market dynamics, the opportunity has arisen to bring Magasin du Nord under our umbrella and we are convinced that both companies will benefit from this new partnership.”
It said the deal would see Peek & Cloppenburg enter a new European market where management sees “great potential”.
Magasin du Nord was founded in 1868 and has seven stores in Copenhagen, Lyngby, Roedovre, Fields, Odense, Aarhus and Aalborg, as well as an online store.
It carries a select assortment spanning clothing for women, men and children, accessories, beauty products, home decoration as well as food and wine.
Peter King, part of the management of Magasin du Nord, commented: “We are pleased to have found a trustworthy and long-term partner in the family-owned company Peek & Cloppenburg, which sees the potential of Magasin du Nord and appreciates its entrepreneurial roots.
“Our two companies have much in common and together have around 275 years of experience as a multi-brand retailer. We look forward to shaping the future of retail together and delighting our customers inspire.”
Since 2009, Magasin du Nord has been run as an independent company under the umbrella of British department store chain Debenhams which went into liquidation late last year after a last-minute rescue deal fell through.
In January, the business was acquired by fast-fashion group Boohoo for 55 million pounds. The deal included the brand and website of the high street stalwart, but not its store estate.
Earlier this month, Debenhams closed its final physical stores after more than 240 years on the high street.