A week after UK department store retailer Debenhams Plc finally fell into administration, CEO Sergio Bucher is said to be preparing to step down.
Bucher has served in the role since October 2017 after joining the company from Amazon Fashion Europe where he served as vice president.
In a statement shared with just-style, a source close to Bucher said: “Having stayed on after the AGM and got the refinancing in place, Sergio thinks now would be the right moment to move on. The upcoming restructuring can then be led by someone offering a fresh start.”
Bucher initially failed to be re-elected to Debenhams’ board at the retailer’s AGM in January but received 44.5% of the votes cast on resolution. Former chairman Sir Ian Cheshire was forced to resign, however, after two major shareholders – one of whom was Sports Direct boss and retail tycoon Mike Ashley – voted against his re-election.
Lenders took control of Debenhams last week as the retailer finally fell into administration, passing almost immediately through a pre-pack sale process.
Fast-moving events on 9 April saw Chad Griffin, Simon Kirkhope and Andrew Johnson of FTI Consulting LLP appointed as joint administrators of Debenhams Plc, who “immediately” sold all of plc’s ownership of the group to a newly incorporated company controlled by its secured lenders. The so-called pre-packaged sale is understood to have wiped out shareholders, including Ashley’s Sports Direct, which had a stake of almost 30% in the company.
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By GlobalDataIn a statement today (16 Apri), a spokesperson for the group that now owns Debenhams said the investor consortium has provided Debenhams with GBP200m in fresh funding, which will see it through the restructuring process and be available to fund the company for the foreseeable future.
“Within the consortium, there is extensive turnaround experience, which we will deploy to support the management’s turnaround plan. We are pleased that now under new ownership, the business can look forward with confidence, and we intend to work closely with management and the board to position Debenhams for a long-term successful future.”
