9th Jan 2019 13:50
LONDON (Alliance News) - Debenhams PLC's lenders have hired a team of advisers ahead of a restructuring plan which will determine the struggling department store chain's future, Sky News reported on Wednesday.
The news agency said that a syndicate of lenders appointed FTI Consulting to advise them on their interest in one of Britain's biggest retailers amid fear that it might follow in rival House of Fraser's footsteps.
The decision comes as Debenhams prepares to disclose the details of a series of measures, involving stores closures, job cuts and agreements with banks and creditors.
https://news.sky.com/story/debenhams-lenders-brace-for-restructuring-amid-retail-crisis-11602690
Debenhams will reveal its Christmas trading performance on Thursday with all eyes on the company's festive trading after it posted dire annual results.
Debenhams latest results showed the retailer swinging to a GBP491.5 million loss in the year that ended September 1 compared with a GBP59 million profit the year before. Revenue declined 2.6% to GBP2.28 billion from GBP2.34 billion.
Back then, Debenhams said it will lower the axe on a fifth of its stores, closing 50 of them within five years, as it hopes to "address structural challenge and drive profitable growth".
Debenhams shares were trading up 4.1% at 5.73 pence each.
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