trial: ISOCountry Groups euro at be cy ee fi fr de gr ie it lv lt lu mc mt nl pt sk si sm es va uk gb us us variants 1 33.4, 2 33.3, 3 33.3 Join Independent Minds For exclusive articles, events and an advertising-free read for just 5.99 6.99 9.99 a month Start your free trial Get the best of The Independent With an Independent Minds subscription for just 5.99 6.99 9.99 a month Start your free trial Get the best of The Independent Without the ads for just 5.99 6.99 9.99 a month Start your free trial The company previously turned down a 40m loan from Sports Directowner Mike Ashley, who owns a substantial chunk of the retailer, whowarned last year that the firm was on the brink of collapse, according to The Independent. Mr Ashley's offer was rejected on the basis that the terms of the loan would have an impact on other investors. Shares in the retailer surged by as much as 45 per cent after the group reported that it had secured a 12-month credit facility which will act as a bridge to facilitate a broader refinancing and recapitalisation . Debenhams has beentrying to cut costs in a bid to stem losses, and last year announced plans toclose 50 stores, putting thousands of jobs at risk. Sergio Bucher, Debenhams chief executive, said Today's announcement represents the first step in our refinancing process. Death of the British high street The retailers affected Show all 9 Created with Sketch. Created with Sketch.
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