Debenhams' planned closures put about 1,200 jobs at risk
- Debenhams plans to close 22 stores next year, putting about 1,200 jobs at risk, under a scheme designed to put the ailing British retailer on a stable financial footing.
The retailer on Friday gave details of two proposed company voluntary arrangements which would keep all stores open during 2019, but with 22 closures planned for next year. CVAs allow retailers to avoid insolvency by offloading unwanted stores and securing lower rents on others and reach a compromise with creditors. They have been adopted by other British retailers including fashion chain New Look.
Debenhams said some of its financial creditors recently provided 200 million pounds of fresh liquidity and have committed to converting 100 million pounds of debt to equity.The CVAs ultimately aim to reduce Debenhams’ current 166 UK store portfolio by closing about 50 stores, the first stage of which proposes 22 closures in 2020.
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