January 9, 2019 / 12:47 PM / 6 months ago

Debenhams lenders hire FTI to advise on restructuring: Sky News

FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London, Britain December 15, 2018. REUTERS/Simon Dawson

(Reuters) - A group of lenders to Debenhams Plc DEB.L has hired FTI Consulting to advise on restructuring of the British department store group, Sky News reported on Wednesday.

The company had said in October it plans to close up to 50 of its underperforming stores, putting about 4,000 jobs at risk, after it reported a record full-year loss of nearly 500 million pounds ($636.50 million).

Debenhams later declined a 40 million pounds loan offer from Mike Ashley’s Sports Direct International Plc (SPD.L).

FTI and Debenhams did not immediately respond to a request for comment.

Reporting by Samantha Machado in Bengaluru; Additional reporting by Noor Zainab Hussain and Sangameswaran S; Editing by Shounak Dasgupta

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