Debenhams appoints chairman

British department store group Debenhams said Mark Gifford, a former chief financial officer at rival House of Fraser, had been appointed as the chairman of its parent group Celine Jersey Topco.

Chief Executive Stefaan Vansteenkiste, tasked with turning around the retailer after it went into administration in April, said: “We are delighted that Mark will be joining the parent board to work with our investor consortium, who have confirmed their continuing commitment through providing additional liquidity for our peak trading.”

Gifford will become a director and chairman of Celine Jersey Topco Ltd, the consortium of investors and lenders that took control of Debenhams earlier this year when it fell into administration.

Earlier this month, Debenhams secured an extra £50 million of funding to provide it with additional liquidity and to help it get through the crucial Christmas trading period.

The struggling department store said some current lenders within Celine had agreed to stump up the extra money on “substantially” the same terms as a £200 million loan provided in March.

Via Reuters