The pressure on Britain’s struggling department stores chains is intensifying, with Debenhams working with restructuring experts and John Lewis & Partners set to report weak interim results this week.
Debenhams has asked KPMG to help to compile a list of options, which could include plans to hand back excess store space to landlords and a company voluntary arrangement, an insolvency process that allows retailers to close shops and reduce rents to cut costs.
The department stores group has come under increasing pressure after three profit warnings this year, suffering downgrades from credit ratings agencies and credit insurers reducing cover to suppliers.
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