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Debenhams secures £200 million of new funds

Debenhams secures £200 million of new funds
FILE PHOTO: A new Debenhams department store is seen in a shopping centre in Watford, Britain, September 24, 2018. REUTERS/Peter Nicholls/File Photo   -   Copyright  Peter Nicholls(Reuters)
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LONDON (Reuters) – Debenhams, the ailing British department store, has put in place 200 million pounds in new funds, which it said has secured the future of the business.

The group, which is trying to fend off moves by its largest shareholder Sports Direct to take control, said on Friday it would now move to the next stage of its restructuring, which includes reducing rents and closing stores.

Debenhams said it had preserved a route for shareholders to participate in the future of the business, but warned this would require the support of Sports Direct.

(Reporting by James Davey; editing by Alistair Smout)

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