// Debenhams reportedly parts ways with property director Clive Bentley
// The department store is preparing to close down 22 stores shortly after the Christmas season, as part of its CVA
// Bentley had been hired to oversee Debenhams’ CVA
Debenhams property director Clive Bentley has reportedly left the retailer as it prepares to kickstart a raft of store closures as part of its CVA.
According to The Sunday Times, Bentley will part ways with Debenhams after he was hired to oversee its CVA.
He also helped Debenhams survive a legal challenge from one of its landlords that was backed by Mike Ashley’s Sports Direct.
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It’s been estimated that Ashley lost around £150 million when his near-30 per cent stake in Debenhams was wiped out after the business taken over by its lenders in a debt-for-equity swap in April.
Debenhams’ CVA introduced break clauses across its 166-strong UK store estate.
The department store said it would operate as usual until Christmas, but by January it will shut down 22 stores and rent reductions or lease negotiations on a further 105 stores will have been sought.
After the initial batch of store closures, Debenhams will eventually close down a total of 50 of its 166 stores.
Thousands of jobs are estimated to be cut as a result of the CVA process.
The Retail Gazette has contacted Debenhams for comment.
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