Tuesday 21 May 2019

Jobs at risk: Debenham's creditors approve deal


THE creditors of struggling Debenhams yesterday backed a restructuring plan that will see 22 stores closed next year, putting 1,200 jobs at risk.

"I am grateful to our suppliers, our pension stakeholders and our landlords who have overwhelmingly backed our store restructuring plans," said executive chairman Terry Duddy.

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"We will continue to work to preserve as many stores and jobs as possible through this process. This is a further important step to give us the platform to deliver a turnaround."

Debenhams' lenders took control of the retailer last month in a rescue deal which wiped out its shareholders, including Sports Direct boss Mike Ashley, who had tried to buy the whole group.


Irish Independent

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