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Debenhams' creditors approve CVAs

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

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."

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