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