Debenhams gets £40m

DEBENHAMS shares jumped more than 36pc after it secured a crucial £40m lifeline from its lenders.

It gives the struggling chain breathing space as it plans a restructuring that will give its lenders a stake and could see up to 90 of 166 stores closed.

Boss Sergio Bucher said: ‘Support for our turnaround is important to underpin a comprehensive solution that will take account of the interests of all stakeholders.’

Shares are down almost 90pc over the past year and the deal will be seen as a snub to Sports Direct owner Mike Ashley, who has a 30pc stake and offered to loan Debenhams £40m.