default-output-block.skip-main
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Debenhams Says M&G Real Estate Withdraws Challenge to Restructuring

The multinational retailer has announced that its landlord has dropped its CVA lawsuit.
Debenhams store | Source: Shutterstock
By
  • Reuters

LONDON, United Kingdom — Debenhams said on Monday that M&G Real Estate had agreed to withdraw the court action related to the British retailer's company voluntary arrangements (CVA) that wiped out investors but kept the company operating.

Debenhams was also challenged in June by former shareholder Sports Direct over its restructuring plan.

"I am pleased that M&G has recognised the necessity for the CVAs," Debenhams Chairman Terry Duddy said, calling on Sports Direct and property firm CPC to do the same.

Debenhams is restructuring the chain using CVAs, which allow retailers to avoid insolvency by offloading unwanted stores, securing lower rents on other stores and reaching a compromise with creditors.

By Noor Zainab Hussai; editor: Edmund Blair.

In This Article

© 2022 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from News & Analysis
Fashion News, Analysis and Business Intelligence from the leading digital authority on the global fashion industry.


Join us for our next #BoFLIVE on Thursday, February 16 at 15:00 GMT / 10:00 EST, based on our latest case Study How to Build a Profitable DTC Brand. BoF’s deputy editor Brian Baskin along with DTC correspondent Malique Morris and chief marketing officer of UK-based beauty brand Trinny London, Shira Feuer explore blueprints for growing a profitable brand.


The 10 themes in The State of Fashion 2023, the authoritative annual report from The Business of Fashion and McKinsey & Company, highlight how businesses can deploy realistic yet bold strategies to drive growth, even amid challenging times.


view more

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
Discover the Key Themes That Will Define the Global Beauty Industry
© 2023 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy and Accessibility Statement.
Discover the Key Themes That Will Define the Global Beauty Industry