Creditors back Debenhams deal but stores will close
Stores will close next year
Debenhams’ creditors have agreed a turnaround plan that will see 22 stores close next year, putting 1,200 jobs at risk. Up to 50 stores remain under scrutiny while the rent reductions to keep others open.
The creditors include landlords and local authorities who approved the plan by “a majority significantly above the required threshold of 75% on each proposal.”
Terry Duddy, executive chairman of Debenhams, said: “I am grateful to our suppliers, our pension stakeholders and our landlords who have overwhelmingly backed our store restructuring plans.
“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.”