Sergio Bucher Steps Down as Debenhams CEO After Refinancing

LONDON — In a widely anticipated move, Sergio Bucher has stepped down as chief executive officer of the embattled British department store chain Debenhams, and the search is on to find his successor. Bucher’s exit comes a week after the debt-saddled Debenhams passed into the hands of its lenders after seeking bankruptcy protection. Under the new ownership, the company will now have access to 200 million pounds in fresh funds, while all commercial relationships will remain unaffected. “Now that our new financing facilities are in place, it is time to move on, knowing the company is in good hands with a plan that will deliver a sustainable future,” said the soft-spoken Bucher, who thanked his colleagues for their efforts “during such a turbulent time.” The store said it will allow “new leadership” to carry through the restructuring and turnaround of the business. Bucher’s successor is expected to be a turnaround wiz, rather than a fashion, beauty or retail expert. In the meantime Terry Duddy, the current non-executive chairman, will assume the role of interim executive chairman. “Debenhams now has a clear path towards a viable and sustainable future, and we have Sergio and his team to thank for that. With a positive, professional approach, he has

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