Debenhams has appointed a turnaround expert to lead the business, as it prepares to close stores and rebuild performance after being put into administration earlier this year.
Debenhams is to seek €230 million in new financing and pursue a restructuring plan in a move which could wipe out existing shareholders including Mike Ashley.
Debenhams issued another profit warning as it thrashes out a restructuring deal with landlords, local authorities, and creditors which will lead to it closing at least 50 stores.
Debenhams is drawing up plans to shake up its property portfolio, in a move that could speed up the rate of store closures this year.
The performance of its Irish stores was one of the only bright notes for Debenhams as it slashed its profit forecast following a poor Christmas period in the UK.
The new boss of department store chain Debenhams has unveiled plans to close 11 warehouses and put up to 10 stores under review, in a move impacting at least 220 jobs.
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