DEBENHAMS has secured an extra £50m from its lenders to support the struggling department store through the crucial Christmas trading period.
The retailer last month approached its investor consortium — which bought the company out of administration -— for the additional financing, on top of the £200m secured in March this year.
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."
The company is currently implementing a restructuring plan after defeating a legal challenge to the proposals backed by Sports Direct founder Mike Ashley that could have seen the arrangements unravel.
The plan — a company voluntary arrangement (CVA) — will see the retailer shutter 50 stores and seek rent reductions at around 100 branches. More than 80 per cent of creditors backed the CVA proposals when the firm was taken private.
(c) 2019 City A.M., source Newspaper