Debenhams agrees extension to credit facilities; strikes sourcing partnership with Li & Fung

Writer, Stock Market Wire
Tuesday, February 12, 2019 - 08:36

Debenhams said Tuesday it had agreed an extension to its credit facilities and a sourcing partnership with Hong-Kong based Li & Fung.

The credit facility, which contained provisions for a step-up in pricing during second quarter, would provide £40m of increased liquidity headroom and serve as a bridge to facilitate a broader refinancing and recapitalisation, the company said.

As part of its turnaround strategy, the company revealed it had entered into an agreement with Li & Fung, a supply chain solutions partner for consumer brands and retailers, to develop a strategic sourcing partnership.

The partnership 'gives us access to state-of-the-art technology in the LF Digital platform, providing end-to-end visibility across our supply chain,' said Sergio Bucher, CEO.

'This will help us anticipate and respond more quickly to trends and our customers' preferences, as well as delivering better quality product.'

At 8:36am: (LON:DEB) Debenhams PLC share price was +1.31p at 4.45p


Related content

Debenhams awaits vote on plans to shut up to 22 stores

Debenhams said it could shut 22 stores after Christmas if creditors back a plan for wider closures at a vote due 9 May.

The...

Fri, 26/04/2019 - 10:14


Debenhams to close up to 22 stores by 2020, affecting 1,200 jobs

Ailing department store chain Debenhams said it would close up to 22 stores in 2020 as part of its restructuring efforts, affecting around 1,200 jobs....

Fri, 26/04/2019 - 10:05


Debenhams taken over by lenders after sliding into administration

Ailing department store chain Debenhams said it had entered administration and been taken over by its lenders.

Chad Griffin, Simon Kirkhope and Andrew Johnson of...

Tue, 09/04/2019 - 15:01


Back to the day job for Mike Ashley at Sports Direct

“Perhaps it is no wonder the markets are struggling for direction when investors have so many things to think about," says Russ Mould, Investment Director...

Tue, 09/04/2019 - 10:16


Sports Direct ups equity issuance underwriting offer for Debenhams to £200m

Sports Direct said it had offered to underwrite a £200m share issue by Debenhams after the department store chain rejected its bid to back a...

Tue, 09/04/2019 - 07:08