{"id":161444,"date":"2019-05-09T09:34:02","date_gmt":"2019-05-09T09:34:02","guid":{"rendered":"https:\/\/www.theindustry.fashion\/debenhams-remains-in-hands-of-lenders-after-failed-sale-process\/"},"modified":"2021-08-12T13:56:21","modified_gmt":"2021-08-12T13:56:21","slug":"debenhams-remains-in-hands-of-lenders-after-failed-sale-process","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/debenhams-remains-in-hands-of-lenders-after-failed-sale-process\/","title":{"rendered":"Debenhams remains in hands of lenders after failed sale process"},"content":{"rendered":"<p>Beleaguered department store chain Debenhams will <strong>remain in the hands of its lenders<\/strong> after a sale process ended with no acceptable bids.<\/p>\n<p><!--more-->The group of creditors, which took control of the retailer after it went into a so-called pre-pack administration last month, said administrators at FTI Consulting considered buyout bids to be<strong> \u201cnot at the level required to be taken forward\u201d.<\/strong><\/p>\n<p>The consortium, called Celine, <strong>gave assurances that it is a \u201ccommitted long-term owner\u201d<\/strong> and has provided Debenhams with \u00a3200m in fresh funding.<\/p>\n<p>Details were not given on the number of suitors or level of bids.\u00a0But it is understood <strong>Mike Ashley\u2019s Sports Direct, which owned a 29% stake in Debenhams, was not one of the bidders,<\/strong> despite having led an aggressive campaign to take control of the retailer before its pre-pack administration.<\/p>\n<p>Bidders would have had to refinance the chain\u2019s <strong>mammoth debts, which ran to more than \u00a3500m.<\/strong><\/p>\n<p>Stefaan Vansteenkiste, representing Celine, said: \u201cThe investor consortium is a committed long-term owner, which has provided Debenhams with <strong>\u00a3200m\u00a0in fresh funding for the financial restructuring process<\/strong> and to fund the company\u2019s operating turnaround.<\/p>\n<p>\u201c<strong>Within the consortium, there is extensive turnaround experience,<\/strong> which we will deploy to support the management\u2019s plan and to position Debenhams for a long-term successful future.\u201d<\/p>\n<p>Debenhams will now <strong>press ahead with its plans for a company voluntary arrangement (CVA)<\/strong> to allow it to close 22 of its least profitable stores and slash rents on more than 100 outlets.<\/p>\n<p>The plans will put <strong>1,200 jobs at risk<\/strong> across the department store chain.<\/p>\n<p>Creditors, including landlords, are due to vote on the CVA agreement later on Thursday with approval from 75% needed to give the plans the green light.\u00a0But Sports Direct is reportedly set to vote against the deal.<\/p>\n<p>Executive chairman Terry Duddy said: \u201cI am <strong>pleased that our new owners have confirmed their commitment<\/strong> to Debenhams and remain supportive of our plans to restructure the business.<\/p>\n<p>\u201cWe are confident that we will receive support for our CVA proposals, which make sense for all parties, and will give us the platform to deliver a turnaround.\u201d<\/p>\n<p>Debenhams\u2019 pre-pack administration last month wiped out the stakes of all shareholders including Sports Direct.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":150372,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[10132,3514,11421,10836,14367,13835],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Debenhams remains in hands of lenders after failed sale process - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"Beleaguered department store chain Debenhams will remain in the hands of its lenders after a sale process ended with no acceptable bids. 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