Mar 31, 2020

Coronavirus: Debenhams seeks urgent deal with landlords

Debenhams is heading for another major restructuring which could involve more store closures. It was already in discussions with landlords before the coronavirus outbreak, but those talks have now become more urgent. The BBC understands that the lenders don't want to extend credit to Debenhams, in other words put more money in, unless they know landlords will accept another round of swingeing rent cuts as well as a five month rent and service charge holiday. It's unclear whether Debenhams' proposals will get the required support from its landlords in time. Landlords have been told that a number of restructuring scenarios are being explored which have "Varying outcomes" for the business, landlords and Debenhams' 20,000 workers.

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