Debenhams has agreed a facility agreement which will create a bridge while it pursues a larger refinancing arrangement. This will remove some of the immediate pressures on the department store chain’s board.
Sergio Bucher, CEO, said: “Today’s announcement represents the first step in our refinancing process. The support of our lenders for our turnaround plan is important to underpin a comprehensive solution that will take account of the interests of all stakeholders and deliver a sustainable and profitable future for Debenhams.”
Meanwhile, the retailer has confirmed that it has entered into an agreement with Li & Fung to develop a strategic sourcing partnership.
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