Apr 18, 2019
Debenhams CEO steps down after lenders take control
Debenhams chief executive Sergio Bucher stepped down on Thursday after lenders took control of the embattled department store chain following its fall into administration last week. Current non-executive chairman Terry Duddy will take up an interim executive role until Mr Bucher's successor is found. Mr Bucher, who previously headed up Amazon's European fashion business and has held jobs at Nike and Inditex owner Zara, had tried to implement a turnround plan for Debenhams. Debenhams lenders have injected £200m into the group to see it through a restructuring process. The group has around 240 stores worldwide with 165 in the UK. As part of its restructuring, Debenhams has said it plans to close around 50 stores over the next 3-5 years.
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