Ailing department store chain Debenhams confirmed yesterday that it has secured a new £50m facility from its existing lenders. The retailer stated that the funding will provide it with additional liquidity during the key Christmas trading period.
The group’s new Chief Executive Stefaan Vansteenkiste commented: “We are delighted that our investor consortium have reaffirmed their commitment to the business by making available additional financing support for our peak trading period. We are in a strong position to continue to invest in marketing and new product initiatives as we prepare for the important Christmas season.”
Debenhams is currently implementing a turnaround plan which includes the closure of 50 of its 166 UK stores and a revamp of remaining sites.
