The boss of Debenhams, Stefaan Vansteenkiste, is to step down from the business after less than a year at the helm.
Vansteenkiste is set to step down within months, according to Sky News, with headhunter Spencer Stuart drafted in to secure a successor.
Vansteenkiste will leave the retailer after taking the job last August on an interim basis as the department store retailer sought to complete its financial restructuring.
His departure coincides with the period within which creditors could challenge Debenham’s CVA expiring, which would allow the departure store chain to proceed with a £100m debt-for-equity swap.
Vansteenkiste said the conclusion of the CVA challenge period would allow the business to “put the distraction of this litigation behind us and proceed with our plans to turn the business around”.
Debenhams plans to close 50 stores as a result of its CVA, 20 of which have shut already, leaving it with a 100-strong store estate.
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