Debenhams planning drastic measures to avoid being eaten by debt mountain?
Time for some proper retail news eh? Debenhams have only gone and gotten themselves in a fiscal abyss and could be trying to clamber out by issuing a wad of extra shares in the business as they attempt to write off a debt of almost £1 billlion (you’ll notice the extra ‘l’ in ‘billion’ – THAT’S just how serious it all could be.)
The Financial Times claim that plans are being hatched to ease the burden by flogging off some more shares in the business and hopefully eat away at as much as two of the legs on the current debt donkey.
The FT suggests that one course of action for Debenhams would to follow in the footsteps of the company we’re almost terrified to mention these days – drum roll…………… yes, everyone, it’s DSGi! Last week they announced plans to raise £311m through a rights issue and also renegotiated their banking facilities. Currys have continued to roll out their new logo too! It’s pissing awful.
On the whole, we don’t know how we’d cope if Debenhams went down the plughole. Where else would we go for our… erm, overpriced golf slacks and shitty executive toys? Eh? EH???