Landlords and businesses owed money by Debenhams have overwhelmingly backed a restructuring plan under which a third of its UK stores will close to allow the chain to continue trading.
Creditors to the department stores group voted 95% and 97% in favour of two company voluntary arrangements after an “intense” meeting at which Debenhams’ chairman was challenged by Sports Direct and three large landlord groups over its plans.
The result of the vote means that Debenhams, which was bought by a consortium of hedge funds in a pre-pack administration last month, can go ahead with proposals to turn around the struggling retailer.
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