Debenhams makes further step in restructuring: 50 new closures
The British department stores group has planned to sign a company voluntary agreement (CVA) with its lenders to reduce costs and continues its restructuring process.
Debenhams continues its restructuring process. The department stores group is expected to sign today a CVA with its lenders to execute fifty new closures by next Christmas.
The decision was taken after Debenhams’ lenders paid 101.8 million pounds (117.5 million euros) for the group and took on the 520-million-pound (230.8-million-euro) debt.
While this process was taking place, the company lost last week its chief executive, Sergio Bucher, who decided to step down after its lenders took control. Teddy Duddy, who has been non-executive chairman until now, assumed the role of executive chairman.
Debenhams has finished fiscal year 2018 (closed on September 30) with 491.5 million pounds (446.3 million euros) in the red. One year ago, the company obtained 59 million pounds (66.7 million euros) net profits.
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