Debenhams issues cash call

Jun 4 2009 By nebusiness

Debenhams today launched an investor cash-call for around £323m as it looks to reduce its debt mountain.

The retailer, which had debts of £927.2m at the end of February, said it would use the funds to pay off some money, renegotiate with lenders and take advantage of retail deals in the recession.

Debenhams, which has 144 stores in the UK and Ireland, also reported that its like-for-like sales excluding VAT had dropped 0.8% in the 12 weeks to May 23.