Debenhams administration could provide blueprint for ‘freezing’ companies during coronavirus crisis April 6, 2020 Debenhams today gave notice to appoint administrators for what it said would be a “light touch” administration with the management remaining on board. This approach accords with ideas being floated by City insolvency lawyers who have proposed using the administration regime to mothball companies during the crisis and reviving them when economic conditions improve. Luke [...]
Coronavirus: Debenhams seeks landlord support for new restructuring plan March 31, 2020 Embattled department store Debenhams is reportedly in urgent talks over a further restructuring plan that could involve more store closures. The high street chain has ramped up discussions with landlords due to the coronavirus outbreak. Debenhams’ lenders, which took control of the retailer last year, are unwilling to provide further funding without landlords agreeing to [...]
Debenhams appoints headhunters for new chief executive March 11, 2020 Struggling department store Debenhams has reportedly launched a search for a new chief executive as restructuring expert Stefaan Vansteenkiste prepares to step down after less than a year. Vansteenkiste is set to leave the role within months, after taking over in August, and headhunter Spencer Stuart has been brought in to find a replacement, Sky [...]
Debenhams denies lenders’ support is wavering over debt restructuring March 1, 2020 Debenhams today denied that the commitment of its lenders to a debt for equity swap is wavering, as the beleaguered retailer responded to reports that securing a debt restructuring is dependent on landlords granting steep rent cuts. The high street chain could be forced to close further stores if it is unable to negotiate lower [...]
Debenhams strengthens board as department store implements rescue plan December 10, 2019 Beleaguered department store Debenhams has appointed the former boss of Argos as a non-executive director in order to strengthen its board as it implements a turnaround plan. John Walden, who was chief executive of Home Retail Group until it sold Argos to Sainsbury’s in 2016 and is currently chairman of Naked Wines, has been appointed [...]
Debenhams secures extra £50m funding for Christmas period October 10, 2019 Debenhams has secured an extra £50m from its lenders to support the struggling department store through the crucial Christmas trading period. Last month the retailer approached its investor consortium – which bought the company out of administration – for the additional financing, on top of the £200m secured in March this year. Read more: Debenhams [...]
Debenhams finance chief exits after just 12 months to join Ted Baker September 26, 2019 Debenhams finance chief Rachel Osborne has stepped down in order to join struggling fashion brand Ted Baker. Osborne was appointed chief finance officer at the embattled department store in September last year, and has quit after one year to take on the same role at Ted Baker. Read more: Debenhams wins high court battle to [...]
Sports Direct trying to ‘drive Debenhams into administration’ September 2, 2019 Mike Ashley’s Sports Direct is backing a legal challenge against Debenhams’ restructuring plan to “drive it into administration so that it can pick up its assets on the cheap”, a court was told today. The sports retailer is backing a challenge brought by Combined Property Control Group (CPC), which represents the landlords of six Debenhams [...]
Debenhams lines up Deloitte as retailer takes on legal challenge to restructuring plan September 1, 2019 Debenhams has lined up advisers from professional services giant Deloitte as it prepares to fight a legal challenge to its restructuring plan. Deloitte is on standby in case Debenhams loses the case and fails to secure an appeal, an event that could tip the embattled department store into administration. Read more: Debenhams appoints restructuring expect [...]
New Debenhams CEO has ‘clear plan’ to save department store chain August 8, 2019 Restructuring expert Stefaan Vansteenkiste said he has a “clear plan” to save Debenhams after the retailer confirmed his appointment as its new chief executive today. Vansteenkiste, a director at turnaround specialist Alvarez & Marsal, joined the embattled department store in April this year as chief restructuring officer. Read more: Debenhams chairman to step down Previously [...]