Debenhams has won a High Court challenge against certain of its landlords who had tried to block its proposed CVA with the reported backing of Mike Ashley. This brings the legal challenge to an end and now frees Debenhams to move on its plans to close 50 stores and make around 1200 staff redundant. It is understood that the store closures will commence early in 2020.
Debenhams CEO Stefaan Vansteenkiste said: “We are delighted that the court has today confirmed that our CVA is effective and will continue to be implemented as planned. Our proposals had unprecedented levels of support from our landlords, and today’s outcome is good news for our 25,000 employees, our pensioners and our suppliers.” He added that Debenhams could now continue to focus on trading through the important Christmas period.
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