Debenhams reportedly seeks 50 million pound lifeline

Debenhams is reportedly seeking a further 50 million pounds to help it through the Christmas trading period.

The British department store expects to require access to the additional borrowing facilities as soon as this autumn, Sky News reports. Debenhams also secured a 200 million pound facility back in March.

In May, Debenhams’ creditors gave approval for its restructuring plan, meaning the company is on track to close 22 of its stores by early next year.

As well as closing the 22 stores, the company will also be looking to cut rent costs for some of its others as part of its turnaround plan, and says it aims to close a total of around 50 of its worst-performing stores in the long-term.

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