Skip navigation

Gloucestershire Business News

£50million present from lenders will help Debenhams get through the Christmas period

A £50million boost will help Debenhams get through the busy Christmas period, the high street giant has announced.

The struggling department store chain has been in a pre-pack administration since April when it was effectively taken over by its lenders.

It has been trading since, albeit with an uncertain future, amid talk of a takeover by Sports Direct owner Mike Ashley.

The £50 million loan from the lenders will help the firm's marketing and promotional campaigns ahead of the Christmas period - one which will be crucial to its long-term viability.

In a statement, Debenhams chief executive Stefaan Vansteenkiste said: "We are delighted that our investor consortium have reaffirmed their commitment to the business by making available additional financing support for our peak trading period.

"We are in a strong position to continue to invest in marketing and new product initiatives as we prepare for the important Christmas season."

Once the Festive period is out of the way, the chain will begin a store closure programme that will attempt to balance its books.

It has already committed to closing 22 stores by January 2020, while rent reductions are currently being renegotiated for the majority of the rest of its store estate.

The group have committed to closing 50 of the worst performing of its 166 stores as it seeks a long term solution to its long-held problems.

Related Articles

ELECTION RESULT Gloucestershire is blue as all six constituencies are part of Conservative landslide Image

ELECTION RESULT Gloucestershire is blue as all six constituencies are part of Conservative landslide

Gloucestershire has gone blue with the Conservative party claiming a clean sweep of all six Gloucestershire Constituencies.

Punchline Comment: One of our clear priorities for the new parliament Image

Punchline Comment: One of our clear priorities for the new parliament

Regardless of who will end today in Number 10 Downing Street and will form our nation’s next government, change needs to come to our great country.

Contract wins secure £40million of new business for Gloucester-based haulier Image

Contract wins secure £40million of new business for Gloucester-based haulier

CM Downton have sealed a series of new contracts that has seen the Gloucester-based firm add £40million worth of business to its books.

Research at Gloucestershire University throws light on causes of asthma in horses Image

Research at Gloucestershire University throws light on causes of asthma in horses

Research carried out by experts at the Royal Agricultural University has revealed 113 substances that could cause severe asthma in horses.

Copyright 2019 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.