Debenhams admits financial woes after calling in advisors

The day Debenhams opened at Trinity Walk, May, 2011.

Another high street firm central to Wakefield has admitted it is facing financial pressure and may need to restructure.

Debenhams, which has a large store in Trinity Walk, has called in advisers KPMG to look at ways to turn around its fortunes, which could include closing stores.

A company voluntary arrangement (CVA), is just one possible measure being considered, which is a form of insolvency proceedings that can be used to shut stores and renegotiate rents.

The shop on Trinity Walk opened in 2011.

The department store firm said in a statement: “Like all companies, Debenhams frequently works with different advisers on various projects in the normal course of business.”

Debenhams is among the biggest retail names to announce it is struggling, along with M&S and House of Fraser.

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