Board moves | Debenhams CEO ousted as company crumbles

As the ongoing news of department store Debenhams’ decline continues, the new majority shareholders have asked current Chief Executive Sergio Bucher to step down from his position.

The High Street retailer, which has a history dating back to 1813, entered administration on Tuesday, when its PLC business was immediately sold to a newly-incorporated company controlled by secured lenders in return for a reduction in debt totalling £600million.

The group of lenders that now owns Debenhams - including banks such as Barclays and US hedge funds such as Silver Point and Golden Tree - have provided the retailer with £200million in funding, whilst shareholder Sports Direct Boss Mike Ashley’s interest in the business was effectively wiped out.

Whilst many expect the business to begin the process of closing its current retail outlets in the near future, the group told the BBC that it had "extensive turnaround experience, which we will deploy to support the management's turnaround plan” and that it intended to "work closely with management and the board to position Debenhams for a long-term successful future.