26th May, 2019

Redditch Debenhams rocked as lenders take control of the company

Ross Crawford 9th Apr, 2019 Updated: 9th Apr, 2019

THE future of the Kingfisher Shopping Centre’s anchor store Debenhams has been thrown into question after the high street chain’s lenders took control of the company.

Debenhams, which has 166 stores nationwide, has been hit by a series of financial problems as it struggles to deal with debts of more than £600million.

It had already earmarked some 50 branches of the store for closure in the future and had been trying to re-negotiate rents with landlords to ease the financial burden.

Under the takeover shareholders in Debenhams will lose all their investment.

Instead the aim will be to package the business up for onward sale as a going concern in the hope lenders can recoup some of their money.

Meanwhile the Redditch store, along with Debenham stores nationwide, will continue trading as normal while its future is decided.

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