Debenhams is pressing ahead with plans to cut its debts after a legal challenge backed by Mike Ashley’s Sports Direct drew to a close. The CVA plan was subject to a legal challenge amid pressure from Ashley, whose investment of £150m was wiped out when Debenhams went into administration.
Sports Direct had backed the legal challenge to the Debenhams’ CVA by a private Salford-based landlord which owned six Debenhams properties. Sports Direct was blocked from taking legal action.
Debenhams has closed 22 stores resulting in more than 700 job losses. Another 28 of its remaining 141 stores are expected to close next year.
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