DEBENHAMS have turned to investors in a bid; Business IN BRIEF.DEBENHAMS have turned to investors in a bid to raise around pounds 323million in an effort to reduce debt. The store chain, with debts of pounds 927.2million at the end of February, said they would use the funds to pay off some money, renegotiate re·ne·go·ti·ate tr.v. re·ne·go·ti·at·ed, re·ne·go·ti·at·ing, re·ne·go·ti·ates 1. To negotiate anew. 2. To revise the terms of (a contract) so as to limit or regain excess profits gained by the contractor. with lenders and take advantage of retail deals in the recession. The chain, with 144 stores in the UK and Ireland, reported that like-for-like sales Like-for-Like Sales The portion of current sales achieved through activities that are comparable to the activities of the previous year. Notes: Using like-for-like sales is a method of valuation that attempts to exclude any effects of expansion, acquisition, or other excluding VAT had dropped 0.8 per cent in the 12 weeks to May 23. Shares fell six per cent as investors digested news of the chain's fundraising move. The firm said the banking crisis and tightening of the credit markets had led the firm to "consider Debenhams' options" on their structure and potential for refinancing Refinancing An extension and/or increase in amount of existing debt. in the future. |
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