THE RETAIL BULLETIN - The home of retail news
HOME
Department Stores
Electricals
Entertainment
Fashion
Food & Drink
General Merchandise
Health & Beauty
Home & DIY
Interviews
Newsletter
Property
Shopping Centres & Retail Parks
Sports & Leisure
RETAIL INSIGHTS
RETAIL SOLUTIONS
Future of Retail Marketing 2020
Omnichannel Transformations 2020
The HR Summit 2020
The Future Of AI in Retail Conference 2020
Omnichannel Futures Conference 2021
The Omnichannel Journey
Optimizing Workforce Management
ABOUT
CONTACT
SUBSCRIBE FOR FREE
Debenhams’ creditors approve CVAs

The Debenhams department store chain’s creditors have approved the CVAs put forward by the company last month. Debenhams said the proposals were voted through with a… View Article

DEPARTMENT STORES

Debenhams’ creditors approve CVAs

The Debenhams department store chain’s creditors have approved the CVAs put forward by the company last month.

Debenhams said the proposals were voted through with a majority significantly above the required threshold of 75%.

Last month, the retailer announced details of the CVAs and plans for the closure of up to 22 stores next year as it looks to restructure its struggling business.

The news followed Debenhams’ announcement last October in which it said it was planning to reduce its store portfolio as it looks to adapt to changes on the high street.

Debenhams’ lenders took control of the business last month and today it was announced that the retailer will remain in the hands of the group after a sales process failed to attract acceptable bids.

Following the approval of the CVAs, Terry Duddy, Debenhams executive chairman said: “I am grateful to our suppliers, our pension stakeholders and our landlords who have overwhelmingly backed our store restructuring plans. We will continue to work to preserve as many stores and jobs as possible through this process. This is a further important step to give us the platform to deliver a turnaround.”

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News