Debenhams appoints headhunters for new chief executive
Struggling department store Debenhams has reportedly launched a search for a new chief executive as restructuring expert Stefaan Vansteenkiste prepares to step down after less than a year.
Vansteenkiste is set to leave the role within months, after taking over in August, and headhunter Spencer Stuart has been brought in to find a replacement, Sky News reported.
The restructuring expert, a managing director at turnaround firm Alvarez and Marsal, was brought in as a temporary boss to oversee the company’s rescue plan.
The high street retailer announced this morning that the period in which its Company Voluntary Arrangement could be challenged has passed, meaning it can continue with a £100m debt-for-equity swap.
Debenhams is also seeking rent and business rates cuts with landlords and local councils.
Vansteenkiste this morning said the milestone was “great news for Debenhams”.
“We can put the distraction of this litigation behind us and proceed with our plans to turn the business around,” he said.
“With committed investors, a strengthened board and a restructured balance sheet we have the platform from which to rebuild a sustainable business.”
According to Sky News, the retailer’s investors want an experienced retail executive to take the top job to restore the firm to sales growth.
The broadcaster said they want to ensure the new chief executive has been appointed to lead the retailer through the crucial Christmas trading period.