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Debenhams nets £40m cash lifeline to ease funding crisis | Business News

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Struggling Debenhams says it has netted a £40m credit facility as it continues talks with lenders to secure its financial future.

The department store chain, which is carrying out a transformation plan in exchange for continued support from its banks, said the new funds would “act as a bridge to facilitate a broader refinancing and recapitalisation.”

Debenhams said it hoped to conclude a “comprehensive” agreement in due course.

The company is looking to accelerate its turnaround which will see dozens of stores closed and thousands of jobs lost.

The cost-saving element is crucial if lenders, which already have a borrowing facility above £500m, are to support a refinancing.

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