Debenhams shares plunge 17% as it calls in KPMG
Shares in Debenhams plunged 17% after the troubled retailer called in advisers as it considers plans that could lead to the closure of stores.
Debenhams is considering a list of options that include a company voluntary agreement (CVA), a controversial way to reduce debts and close stores, Sky sources said.
Other options the firm could be looking at include renegotiating leases on stores that are up for renewal, selling off its Danish arm Magasin du Nord and giving up space in some of its large stores.
The company has brought in KPMG to help draw up the turnaround plans, according to The Sunday Telegraph.
In a statement, Debenhams said: “Like all companies, Debenhams frequently works with different advisors on various projects in the normal course of business.”