February 12, 2019 / 7:19 AM / 8 months ago

Debenhams secures 40 million pound lifeline

Feb 12 (Reuters) - Debenhams has secured 40 million pounds ($51.45 million) in additional funding from some of its lenders as it strives to find a longer-term solution to its financial problems, the embattled UK retail chain said on Tuesday.

“The support of our lenders for our turnaround plan is important to underpin a comprehensive solution that will take account of the interests of all stakeholders, and deliver a sustainable and profitable future for Debenhams,” Chief Executive Officer Sergio Bucher said.

The company also said in the same statement it had signed an agreement with supply chain solutions firm Li & Fung to develop a strategic sourcing partnership.

$1 = 0.7774 pounds Reporting by Noor Zainab Hussain in Bengaluru; editing by Patrick Graham

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