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Sergio Bucher, CEO of department store Debenhams, has stepped down from his role just a week after the company went into administration and under the control of its lenders.
His departure is expected to allow new leadership to conduct the restructure and turnaround of the business.
Debenhams entered a pre-pack administration last week (9 April) and will continue trading while its lenders look to sell the business. The department store acquired £200m funding, a new investor group and a business plan which it said was expected to “deliver a recovery in profitability and deleverage its balance sheet”.
Non-executive chairman Terry Duddy will step in as the interim executive chairman.
Bucher said: “Now that our new financing facilities are in place, it is time to move on, knowing the company is in good hands with a plan that will deliver a sustainable future.
“I would like to wholeheartedly thank all of my colleagues for their efforts and dedication during such a turbulent time, as well as our suppliers, partners and of course customers for their continued support.”
Duddy added: “Debenhams now has a clear path towards a viable and sustainable future. We have Sergio and his team to thank for that. With a positive, professional approach, he has acted at all times in the company’s best interests, and we wish him all the best for the future.”
