Debenhams has secured a vital cash injection of £40m and struck a partnership with one of the world’s largest product-suppliers, sending its share price soaring.
The struggling department store chain has agreed an additional 12-month £40m credit facility from some of its lenders and noteholders that it said would act as a “bridge” as it tries to complete a wider refinancing of its business by the first half of the calendar year.
The group, which has endured months of speculation about its trading and financial health, has also struck a supply agreement with Li & Fung, a Hong Kong-based supply chain manager that designs, sources and supplies thousands of products from a vast network of factories for many of the world’s largest retailers.
Shares in the retailer surged by as much as 45% after the group reported that it had secured a 12-month credit facility.
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