Debenhams Leadership Shakeup: Cheshire & Bucher Out, Duddy In
Debenhams, the UK's largest department store chain, has seen significant changes in its leadership following a takeover by lenders. Sir Ian Cheshire and Sergio Bucher have both left their roles, with Terry Duddy stepping in as interim executive chairman.
The retailer, which employs around 25,000 people across 166 stores, reported record annual losses last year. This led to a restructuring and turnaround process, including a £200m funding package from its lenders. Sergio Bucher's departure was signalled over the weekend and he expressed confidence in the company's future. Sir Ian Cheshire, the former chairman, was also voted off the board and replaced by Terry Duddy, who will now take on an executive role.
The changes come after Debenhams was taken over earlier this month as part of an administration process. While some stores are expected to close in the future, the retailer aims to restructure and turn around its fortunes.
Debenhams continues to navigate challenging times, with significant changes in its leadership and plans for store closures. However, with £200m in funding and a new interim executive chairman, the company remains committed to its restructuring and turnaround process.
