Debenhams has won emphatic approval from its creditors for its rescue restructure plan, that will close at least 22 stores and force through rent cuts on many others.
Landlords and other creditors, such as clothing suppliers, approved the closures which form part of two company voluntary arrangement (CVA) deals Debenhams new owners have said are necessary to prevent the business collapsing. A CVA is a type of insolvency procedure and Debenhams received 95% support for one plan and 97% for the other.
The retailers chairman, Terry Duddy, told the meeting: We did not want to be here but the alternative has been stark.
He said he was confident Debenhams had a future if the restructuring plan went ahead.
Duddy had urged creditors to back t…
Read the full article at: https://www.theguardian.com/business/2019/may/09/debenhams-wins-green-light-for-restructuring-plan