By Grace Bowden2019-09-02T06:54:00
Debenhams has sought counsel from advisors Deloitte as it prepares to face a legal case brought against its CVA by one of its landlords.
The department store retailer has lined up Deloitte to handle a possible administration, should it lose the court battle.
The High Court case brought Debenhams by landlord Combined Property Control Group (CPC), which operates six Debenhams stores, commences today.
CPC is bringing its case against the retailer to challenge its CVA, which will see 50 stores across its 166-strong estate shuttered and secured rent reductions on a further 100.
Over 90% of creditors approved Debenhams’ CVA proposal. However, if it loses the case brought it against it by CPC and fails to win an appeal, the department store retailer runs the risk of its CVA being blocked and falling into administration.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.