Sergio Bucher, chief executive of Debenhams is expected to step down following the recent takeover by its lenders.
Source close to Bucher told the BBC, “Having stayed on and got the refinancing in place, Sergio thinks now would be the right moment to move on.”
He added, “The upcoming restructuring can then be led by someone offering a fresh start.”
On 9 April the retailer entered into a pre-pack administration, FTI Consulting were appointed to undertake the administration process.
Sports Direct Mike Ashley £200m offer was rejected as it was conditional on him becoming chief executive. The retailer went into administration and Ashley’s 30% stake in the company was wiped out.
US hedge funds Silver Point and Golden Tree along with Barclays Bank have provided Debenhams with £200m of funding.
The retailer said they have “extensive turnaround experience, which we will deploy to support the management’s turnaround plan.”
They intend to “work closely with management and the board to position Debenhams for a long-term successful future.”
Adding, “We are pleased that now under new ownership, the business can look forward with confidence.”