The struggling department store chain is close to securing a bigger-than-expected cushion from lenders, Sky News learns.
FTI Consulting, which has been working with the company's lenders in recent months, has been lined up to handle any administration process.One source said that if Debenhams pursued that route, its lenders were then likely to use Lazard, the investment bank, to run a formal auction.
Such a programme would entail thousands of job losses, adding to the huge number of redundancies in the retail industry during the last 12 months.Arcadia Group, which includes Topshop, are among other prominent retailers considering drastic restructuring plans The billionaire, who also owns Newcastle United FC, has already forced the departure of Sir Ian Cheshire, Debenhams' former chairman, and prevented chief executive Sergio Bucher from remaining on the board.
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