Debenhams chief executive steps down as reopening nears

Vansteenkiste, whose move aside had already been signalled, will remain as a consultant to Debenhams advising chair Mark Gifford on its future strategy.

He joined Debenhams just under a year ago, bringing turnaround experience from restructuring specialist Alvarez & Marsal.

Gifford will continue to steer Debenhams, which collapsed into administration last month for the second time in a year as the coronavirus outbreak forced the closure of all its stores.

The retailer will be run day-to-day by the senior management team including chief financial officer Mike Hazell and managing director Steven Cook, under administrators from FRP Advisory.

Debenhams is preparing to come out of lockdown next week when ‘non-essential’ stores can reopen as restrictions are relaxed. Debenhams will draw on reopening experience from its Magasin du Nord chain in Denmark.

Debenhams will open 90 branches next week and over the longer-term anticipates an estate of about 120 stores. The future of most branches has been secured, though talks with landlords continue about terms for others.

Yesterday, it was revealed that Debenhams was cutting hundreds of jobs at its head office as it seeks to operate more efficiently.