stock market: The department store chain's chief executive, Sergio Bucher, told the stock market The market environment remains challenging and underlying trends deteriorated through the summer months, according to The Guardian. John Lewis Partnership made 1,800 redundancies in the past year Read more But he said that, having cut costs and refinanced, the company was well equipped to navigate these market conditions and take advantage of any trading opportunities that emerge . Debenhams has hired the advisory firm KPMG to help it examine potential ways it could restructure to cope with a downturn in trading that has already hit its rival House of Fraser. The company issued a stock market announcement after its shares fell by 10% to 11.5p on Monday, after weekend media reports said it was considering a company voluntary arrangement CVA an insolvency process that would enable it to close stores or cut rents. The credit insurer Euler Hermes is also thought to have reduced cover for suppliers to Debenhams after the company issued its third profit warning of the year in June. That came after credit rating agency Moody's downgraded Debenhams' credit rating to a level reflecting high risk last month because of the highly competitive and promotional environment in the UK. However, sources said there was no short-term prospect of a CVA as Debenhams remained profitable and KPMG was advising on long-term options, including refinancing its debts. At least 80 head office jobs are also expected to be lost as the chain attempts to cut costs at its fashion and home divisions.
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