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Debenhams CEO Bucher quits after lenders take control

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By Reuters
Debenhams CEO Bucher quits after lenders take control
FILE PHOTO: The Chief Executive of Debenhams, Sergio Bucher, poses for a photograph inside the company's new store in Watford, Britain, September 24, 2018. REUTERS/Peter Nicholls   -   Copyright  PETER NICHOLLS(Reuters)

LONDON (Reuters) – Debenhams said on Thursday its chief executive Sergio Bucher had decided to step down, nine days after the ailing British department store group’s lenders took control.

The group’s non-executive chairman Terry Duddy will assume the role of interim executive chairman until a permanent replacement is found, the company said.

Bucher, a former Amazon executive who joined Debenhams in October 2016, said that with new financing facilities in place it was time to move on.

Administrators were appointed to the group, which had been hit by a sharp slowdown in sales, high rents and ballooning debt on April 9.

(Reporting by Paul Sandle; Editing by Susan Fenton)