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British fashion retailer Debenhams has raised about 40 million through an oversubscribed share placement, exceeding its initial million target. The company, formerly Boohoo Group, issued 222.2 million new shares at 18 pence each, generating net proceeds of 38.7 million. The fundraise is aimed at strengthening liquidity and improving its capital structure as part of an ongoing turnaround strategy. Debenhams is working to cut costs, manage debt and address supply chain pressures amid subdued consumer demand. The additional capital is expected to provide financial flexibility as the retailer restructures operations and stabilises its position in the competitive UK fashion market.
British fashion retailer Debenhams has raised about 40 million pounds (approximately $54 million) through an oversubscribed share placement, exceeding its initial target of 35 million pounds. Advertisement
The company, formerly known as Boohoo Group, said the fundraise is aimed at strengthening liquidity and improving its capital structure as it continues a turnaround strategy. Debenhams has been working to reduce costs and manage debt while navigating supply chain pressures and subdued consumer demand.
The retailer has also been in discussions with lending syndicates to secure additional financial flexibility as part of its restructuring efforts.
Group CEO Dan Finley said the fresh capital would support the company's recovery plan. The fundraise will deliver an improved capital structure for the Group, providing us with greater financial flexibility to execute our turnaround strategy and deliver value for all shareholders, he said in a statement.
Debenhams issued 222.2 million new shares at 18 pence each. Net proceeds from the placement amounted to 38.7 million pounds after expenses.
The oversubscription indicates investor interest in the company's restructuring roadmap despite ongoing challenges in the retail sector. The additional capital is expected to provide operational breathing room as the business seeks to stabilise performance and reposition its brand in a competitive market.
($1 = 0.7409 pounds)
Source: Reuters
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