Vas Promotions comments of recent Debenhams Survival Fund
Birmingham-based outsourced sales and marketing company, Vas Promotions have welcomed the news that Debenhams have secured a £40 million cash injection, as it bids for survival.
It was revealed last October that high street department store Debenhams was in severe financial trouble, with the threat of administration looming and the possibility of thousands of job losses. The firm was given a lifeline recently as it was revealed that they had secured a £40million cash injection to buy it extra time.
Chief executive Sergio Bucher said, “Today’s announcement represents the first step in our refinancing process.” The CEO continued, “The support of our lenders for our turnaround plan is important to underpin a comprehensive solution that will take account of the interests of all stakeholders, and deliver a sustainable and profitable future for Debenhams.”
The retail giant has reached an agreement with supply chain manager Li & Fung to oversee some of the chain’s sourcing. Mr. Bucher described the Hong Kong-listed firm as being a “key part” of the Debenhams turnaround plan.
As part of its survival plan and financial restructuring, Debenhams is trying to accelerate plans to close stores and is expected to close around 20 outlets this year. While the store closures are bad news for those employees that will be affected, it will assist the bigger picture, saving the remaining 145 stores.
According to the Telegraph’s store closure tracker, which tracks closures from major retailers, an estimated 1,267 shops have been closed or earmarked for closure since January 2018 – potentially putting 25,159 jobs at risk.
Birmingham-based outsourced sales and marketing company, Vas Promotions has welcomed the news. Managing Director Vasile Topciu commented, “2018 was a tough year for the high street with record store closures, so it’s great news that Debenhams is making positive steps to survive, securing the jobs of thousands of employees.’
As consumer shopping habits have changed, with many moving online, Vas Promotions believe that face to face interactions still have an essential role to play and therefore, they have a vested interest in the survival of the high street.
Vas Promotions is an elite outsourced sales and marketing company based in Birmingham. They specialise in customer acquisition and raising brand awareness through tailor-made face-to-face promotional marketing and sales campaigns. They have welcomed the news of Debenhams cash injection and hope the retailer will prosper in 2019.