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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.
It said the deal "provides reassurance for Debenhams' employees, pension holders, suppliers, lenders and other stakeholders". The deal offered "reassurance" for employees, pension holders, suppliers and lenders, it said.
Mike Ashley's Sports Direct has been has been trying to seize control of Debenhams and install Mr Ashley as chief executive. The retailer said it would continue with plans to cut the number of its stores and negotiate rent reductions.
The refinancing deal leaves the door open for Sports Direct to make a bid. 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.
Debenhams said it would continue with plans to cut the number of its stores and negotiate rent reductions with landlords.
"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.