Apr 18, 2019

Debenhams boss Sergio Bucher steps down

Debenhams boss Sergio Bucher has stepped down following the recent takeover of the struggling department store chain by its lenders. Debenhams is the biggest department store chain in the UK with 166 stores. The group of lenders that now owns Debenhams - including banks such as Barclays and US hedge funds such as Silver Point and Golden Tree - have provided the retailer with £200m in funding. At the same time, Debenhams chairman Sir Ian Cheshire was voted off the board and replaced by Mr Duddy, who was the senior independent director until then. As the search for a new chief executive began, Mr Duddy said: "Debenhams now has a clear path towards a viable and sustainable future and we have Sergio and his team to thank for that."

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