Bengaluru — Ailing British retailer Debenhams says two proposed company voluntary arrangements (CVAs) could see all its stores remaining open during 2019, with 22 closures planned for next year, putting about 1,200 jobs at risk. Debenhams’ lenders took control of the retailer earlier this month in a process designed to keep its shops open at the expense of shareholders. On Friday, the company detailed two proposed CVAs — one relating to Debenhams Retail, the main trading entity and another for Debenhams Properties. CVAs allow retailers to avoid insolvency or administration by offloading unwanted stores and securing lower rents on others. They have been adopted by British groups including fashion chain New Look. “For the business to prosper, we need to restructure the group’s store portfolio and its balance sheet, which are not appropriate for today’s much-changed retail environment,” Debenhams executive chair Terry Duddy said. “Our priority is to save as many stores and as many jobs...
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