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

Portfolio of 'iconic' Gloucestershire hotels sold in £40million deal Image

Portfolio of 'iconic' Gloucestershire hotels sold in £40million deal

A portfolio of seven “iconic” Cotswold hotels and pubs has been sold to hospitality giant Fuller, Smith and Turner for £40million.

Who is blowing the storm clouds towards Marketing Gloucester? Image

Who is blowing the storm clouds towards Marketing Gloucester?

The organisation responsible for Gloucester's Tall Ships Festival, and for putting the city on the tourist map, finds itself under fire.

Armed burglars target safe at Forest of Dean business Image

Armed burglars target safe at Forest of Dean business

Police investigating a break in at a business in Parkend are appealing for information to help them trace the offenders.

Cheltenham DJ who helped start the 90s rave scene died after drug use Image

Cheltenham DJ who helped start the 90s rave scene died after drug use

Gideon Dawson died in his Charlton Kings home after taking cocaine and prescribed painkillers, a Gloucester inquest was told.

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