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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.

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