Debenhams set to press on with transformation, after CVA proposals win creditor backing – InternetRetailing
Debenhams redesigned beauty hall in its new-look Watford store
Debenhams is set to embark on a store closure and business restructuring programme after it won backing from its landlords for a CVA programme that will see it close 22 stores next year.
The vote to approve the CVA arrangements was passed yesterday by more than 75% of creditors, on the same day that Debenhams Group owner Celine confirmed its backing for the business. Following its administration the retail group had been put up for sale to comply with a compulsory marketing process – but administrators have said that no bids were received at the level that would have been needed. Debenhams Group ownership, therefore, remains with Celine, a new company formed by creditors to …