The news follows a coup launched by Debenhams largest shareholder Mike Ashley last week

The news follows a coup launched by Debenhams' largest shareholder Mike Ashley last week

Debenhams says it is making progress on securing a GBP150m (US$195.6m) cash injection, just three days after Sports Direct boss and retail tycoon Mike Ashley launched a coup to take control of the struggling British department store chain.

In a refinancing update today (11 March), Debenhams confirmed it is in advanced negotiations with its current lenders regarding the sum, GBP40m of which would be used to repay a short-term cash injection agreed last month.

It is understood the amount would be in addition to its GBP520m long-term debts, and is intended to ensure credit insurers restore cover for Debenhams' suppliers and to enable the business to restructure its store portfolio.

The news comes on the back of a control bid from Ashley on Friday (8 March), which saw Debenhams' largest shareholder call for a general meeting of the retailer to appoint him to the board and to remove all of the current members, other than chief financial officer Rachel Osborne. If appointed, Ashley pledged to step down as a director and chief executive of UK high street sportswear chain Sports Direct. He would be replaced by deputy chief financial officer Chris Wootton.

In response, Debenhams said it was "disappointed" by the move, adding discussions to address its future funding requirements are "well advanced."

The retailer today said a further announcement will be made in due course.