The troubled high street department store, Debenhams is exploring a company voluntary arrangement (CVA), this action, should it happen will close around 20 stores in 2019.
The company are trying to increase their borrowings as their quarterly rent is due on 25 March. A CVA would enable the company to re-negotiate their rent which could speed up the process of the CVA if rejected.
The company has £520m of borrowing facilities and is running out of headroom.
The department store employs 25,000 people and currently has 165 stores across the UK.