The troubled retailer Debenhams has secured a £40m lifeline from its current lenders and noteholders.
Sergio Bucher, chief executive of Debenhams said on Tuesday, “Today’s announcement represents the first step in our refinancing process.
“The support of our lenders for our turnaround plan is important to underpin a comprehensive solution that will take account of the interests of all stakeholders and deliver a sustainable and profitable future for Debenhams.”
Sports Direct chief Mike Ashley offered a £40m loan to Debenhams but, this was turned down due to how his terms would affect shareholders.
Bucher also announced that Debenhams has reached an agreement with their supply chain manage, Li &Fung to oversea parts of the company’s sourcing.
Bucher said, “It gives us access to state-of-the-art technology in the LF Digital platform, providing end-to-end visibility across our supply chain.
“This will help us anticipate and respond more quickly to trends and our customers’ preferences, as well as delivering better quality product.”