Debenhams calls in advisers

Debenhams has brought in advisers from KPMG to assess a number of options to improve the fortunes of the department store chain.

It is in the midst of a turnaround plan intended to cut costs and boost sales.

Industry insiders said the firm and KPMG were looking at a number of options, including a company voluntary arrangement – a form of insolvency proceedings that can be used to close stores and renegotiate rents – but that is just one possible measure under consideration.

Debenhams acknowledged that market conditions were challenging .

“Like all companies, Debenhams frequently works with different advisers on various projects in the normal course of business,” the company said.