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Debenhams turns to KPMG to secure its future – The Drum

Struggling department store chain Debenhams has called in advisers from accountancy firm KPMG to help it investigate a range of options for its future that are said to include a company voluntary arrangement (CVA).

f it were to go down the route of a CVA, Debenhams would be declared insolvent but continue to trade to pay back creditors over a fixed period, subject to their agreement. This could entail store closures and renegotiations of rent but would only be entered into as a last resort, with very few of its 170 stores actually loss making.

House of Fraser entered into a CVA earlier this year.

Other options on the table include the sale of its Scandinavian department store chain Magasin du Nord, which could generate around £250m and a s…

Read the full article at: http://www.thedrum.com/news/2018/09/10/debenhams-turns-kpmg-secure-its-future

Category: BankruptcyBy Insolvency Advisory AccountantsSeptember 10, 2018

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Debenhams turns to KPMG to secure its future – The Drum

Struggling department store chain Debenhams has called in advisers from accountancy firm KPMG to help it investigate a range of options for its future that are said to include a company voluntary arrangement (CVA).

f it were to go down the route of a CVA, Debenhams would be declared insolvent but continue to trade to pay back creditors over a fixed period, subject to their agreement. This could entail store closures and renegotiations of rent but would only be entered into as a last resort, with very few of its 170 stores actually loss making.

House of Fraser entered into a CVA earlier this year.

Other options on the table include the sale of its Scandinavian department store chain Magasin du Nord, which could generate around £250m and a s…

Read the full article at: https://www.thedrum.com/news/2018/09/10/debenhams-turns-kpmg-secure-its-future

Category: BankruptcyBy Insolvency Advisory AccountantsSeptember 10, 2018

Post navigation

PreviousPrevious post:200 experts for Corporate Restructuring Summit – Gulf Digital NewsNextNext post:Corporate restructuring announced for R&Q programme management – Captive Insurance Times

Related Posts

Australia AGD Moves to Reform Bankruptcy Law – Regulation Asia
July 17, 2024
Case note | Director's personal liability for insolvent trading – Lander & Rogers
July 17, 2024
Law reform to lift stigma from bankruptcy, deliver fairer system – The Mandarin
July 17, 2024
How the new $20,000 personal bankruptcy threshold could affect SME directors – SmartCompany
July 17, 2024
Australia AGD Moves to Reform Bankruptcy Law – Regulation Asia
July 17, 2024
Case note | Director's personal liability for insolvent trading – Lander & Rogers
July 17, 2024
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