March 29, 2019 / 10:47 AM / 6 months ago

Britain's Debenhams secures 200 mln stg of new funds

LONDON, March 29 (Reuters) - Debenhams, the ailing British department store, has put in place 200 million pounds ($261 million) in new funds, which it said has secured the future of the business.

The group, which is trying to fend off moves by its largest shareholder Sports Direct to take control, said on Friday it would now move to the next stage of its restructuring, which includes reducing rents and closing stores.

Debenhams said it had preserved a route for shareholders to participate in the future of the business, but warned this would require the support of Sports Direct. ($1 = 0.7677 pounds) (Reporting by James Davey; editing by Alistair Smout)

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