Debenhams is demanding reductions in business rates alongside cuts to rents as part of its attempt to reduce its store occupancy costs, according to documents seen by the Financial Times.
Last week, the struggling department store group confirmed it would launch a company voluntary arrangement a type of insolvency proceeding to restructure its expensive and inflexible leases. That followed a financial restructuring through which the groups creditors took control of its business and assets.
The formal documents prepared ahead of a creditor vote on May 9 split the leases held by subsidiaries Debenhams Retail and Debenhams Properties into various categories and asked for rent reductions of up to 50 per cent. But they also reques…
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