Not sure Debenhams have ever run their own credit cards. It was Santander for years and then they sold all their store card business to Newday.The jury is still out for me about Debenhams. I have a Debenhams credit card and just recently I have recieved letters from them about changes afoot with my account. I have a feeling they may sell that side of the business to another company in due course
I reckon one, maybe two, of the department store chains will survive, probably John Lewis (if they can keep their reputation with higher end customers) and one mass market.
I just think that enough people want to go look at products, talk to a salespeople, and have somewhere to return things and complain. Also the bigger towns/shopping centres realise they need anchor stores and will drop rents to negligible levels to keep one.
Given the similarity in markets could John Lewis raise funds to “rescue” M&S, mainly to rationalise the estates and use the brand name as their “value” brand?