The boss of Debenhams, Sergio Bucher, is expected to step down, having played his role in refinancing the struggling department chain at the hands of its lenders.
A source close to the Bucher has suggested that ‘having stayed on to get the refinancing in place,’ he thinks now would be the ‘right time to move on.’
“The upcoming restructuring can then be led by someone offering a fresh start,” the source told the BBC.
The retailer was taken over mid week last week after it entered administration. The group of lenders that now owns Debenhams includes banks such as Barclays and US hedge funds like Silver Point and Golden Tree.
The group has provided the retailer with £200 million in funding. It will now “deploy its extensive turnaround experience to support the management’s turnaround plan.”
The group added: “We are pleased that now under new ownership, the business can look forward with confidence.”
Bucher had already been voted off the retailer’s board of directors after major shareholders, Mike Ashley’s Sports Direct and Landmark Group voted against his re-election in January this year.