Debenhams confirms store closures but denies insolvency plan – The Guardian

The Debenhams chairman has confirmed the ailing retailer will close stores but denied that the company is actively planning to do so through an insolvency process.

Sir Ian Cheshires comments come after weekend reports that Debenhams was working with advisory firm KPMG on a company voluntary arrangement (CVA), a form of insolvency that enables a business to exit unwanted properties and negotiate rent cuts across groups of stores.

Debenhams would would have been the 31st retail and restaurant chain to have launched a CVA since last year, as high street businesses wrangle with the switch to online shopping, combined with rising business rates and other costs.