Feb 2, 2019

Debenhams eyes CVA rescue plan

Debenhams is pushing to restructure its property portfolio ahead of a quarterly rent date in March, as it struggles with a sharp deterioration in its finances. Debenhams is believed to be keen to push forward with the CVA ahead of the March 25 quarterly rent date, when rents on many stores come due. Many of the group's weakest stores are owned by individual private landlords, but a restructuring of the group's property portfolio would also affect listed groups and large fund managers. British Land, Intu, Landsec and Aberdeen Standard are among the groups exposed to Debenhams. Any store closures would have knock-on effects for retail destinations as department stores are generally the "Anchor" tenant in a shopping centre or retail park.

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