Feb 12, 2019

Debenhams agrees extension to credit facilities

Debenhams, the struggling department store group, said it had agreed an extension to its credit facilities and a sourcing partnership with Li & Fung, the Hong Kong-quoted trading company. Expected to cover a material part of the company's own-brand sourcing, Debenhams said this would result in improved product quality and lead-times, higher achieved margins and better working capital efficiency. Sergio Bucher, the Debenhams chief executive who was voted off the board by Sports Direct and another shareholder in January but who continues to run the company, said the steps were "a key part of our turnround plan". As trading worsened at the company last year, Debenhams started to lay the groundwork for a refinancing. His successor, Rachel Osborne, said after Christmas that the company would prioritise the renegotiation of its banking facilities.

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