Debenhams set to make plea for £50m lifeline

The loan will be on top of the £200m cash injection it received in March

Struggling retailer Debenhams has said it will ask lenders for an additional £50m cash injection, on top of the £200m lifeline it secured in March.

The department store chain has suffered a tumultuous year and finally fell into administration three months ago, after fending off a take over from business tycoon and former shareholder Mike Ashley.

Sky News reported the retailer could access to additional funding as soon as the autumn.

The funds are expected to cover the critical Christmas period for retailers.

Sources said lenders remained “supportive” of the company during the reconstruction plans.

Meanwhile, under its restructuring plans, the retailer is expected to close 50 of its 166 UK stores, with 22 set for closure next year.

This has put more than 4,000 jobs at risk.

The retailer is also still looking for a successor to its former CEO Sergio Bucher, who stepped down in April.

Terry Duddy, the company's executive chairman is also expected to step down once a new board of directors is appointed.

Read more coverage on the retailer's turbulent year below.



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