This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.bbc.co.uk/news/business-47745898
The article has changed 5 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
Debenhams secures £200m lifeline with lenders | Debenhams secures £200m lifeline with lenders |
(32 minutes later) | |
Struggling department store chain Debenhams has agreed a £200m refinancing lifeline with lenders. | Struggling department store chain Debenhams has agreed a £200m refinancing lifeline with lenders. |
The deal offered "reassurance" for employees, pension holders, suppliers and lenders, it said. | |
The retailer said it would continue with plans to cut the number of its stores and negotiate rent reductions. | |
The financial deal leaves the door open for Mike Ashley's Sports Direct, which has been has been vying to seize control of Debenhams, to make a bid. | |
"We are pleased to have agreed this comprehensive funding package which secures the future of the Debenhams business," said Debenhams chairman Terry Duddy. | "We are pleased to have agreed this comprehensive funding package which secures the future of the Debenhams business," said Debenhams chairman Terry Duddy. |
"We have also preserved a route for our shareholders to participate in the future of the business, but this requires the support of our major shareholder." | "We have also preserved a route for our shareholders to participate in the future of the business, but this requires the support of our major shareholder." |
Sports Direct is the biggest Debenhams shareholder, with a 29.7% stake. Brandes Investment Partners, Odey Asset Management and retail conglomerate Landmark Group are also significant shareholders. | Sports Direct is the biggest Debenhams shareholder, with a 29.7% stake. Brandes Investment Partners, Odey Asset Management and retail conglomerate Landmark Group are also significant shareholders. |