Struggling Debenhams secures £40m lifeline

Debenhams in Market Street, Manchester
Embattled Debenhams has secured backing of £40m giving it more time to arrange a longer-term refinancing and store closure plan. The struggling chain, which has branches in Manchester, Liverpool and Stockport, has been trying to reach a deal with its banks. Debenhams chief executive Sergio Bucher described the new 12-month credit facility as a “first step in our refinancing process”. He added: “The support of our lenders for our turnaround plan is important to underpin a comprehensive solution that will take account of... For the full story register now for free or login below...