Struggling department store chain Debenhams has called in advisers from accountancy firm KPMG to help it investigate a range of options for its future that are said to include a company voluntary arrangement (CVA).

f it were to go down the route of a CVA, Debenhams would be declared insolvent but continue to trade to pay back creditors over a fixed period, subject to their agreement. This could entail store closures and renegotiations of rent but would only be entered into as a last resort, with very few of its 170 stores actually loss making.

House of Fraser entered into a CVA earlier this year.

Other options on the table include the sale of its Scandinavian department store chain Magasin du Nord, which could generate around £250m and a s…

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