Debenhams has confirmed that its creditors have approved the CVA proposals presented by Debenhams Retail and Debenhams Properties as announced on 26th April, with a majority significantly above the required threshold of 75% on each proposal.
The retailer has announced details of two proposed CVAs, one relating to Debenhams Retail, the main trading entity, and one relating to Debenhams Properties. The CVA proposals provide a mechanism to reduce the current 166 UK store portfolio by closing around 50 stores.
Executive chairman Terry Duddy says: "I am grateful to our suppliers, our pension stakeholders and our landlords who have overwhelmingly backed our store restructuring plans. We will continue to work to preserve as many stores and jobs as possible through this process. This is a further important step to give us the platform to deliver a turnaround."