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		</div><p>Beleaguered department store chain Debenhams will remain in the hands of its lenders after a sale process ended with no acceptable bids.</p>
<p>The group of creditors, which took control of the retailer after it went into a so-called pre-pack administration last month, said administrators at FTI Consulting considered buyout bids to be “not at the level required to be taken forward”.</p>
<p>The consortium, called Celine, gave assurances that it is a “committed long-term owner” and has provided Debenhams with £200 million in fresh funding.</p>
<p>Details were not given on the number of suitors or level of bids.</p>
<p>But it is understood Mike Ashley’s Sports Direct, which owned a 29% stake in Debenhams, was not one of the bidders, despite having led an aggressive campaign to take control of the retailer before its pre-pack administration.</p>
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<p>Stefaan Vansteenkiste, representing Celine, said: “The investor consortium is a committed long-term owner, which has provided Debenhams with £200 million in fresh funding for the financial restructuring process and to fund the company’s operating turnaround.</p>
<p>“Within the consortium, there is extensive turnaround experience, which we will deploy to support the management’s plan and to position Debenhams for a long-term successful future.”</p>
<p>Debenhams will now press ahead with its plans for a company voluntary arrangement (CVA) to allow it to close 22 of its least profitable stores and slash rents on more than 100 outlets.</p>
<p>The plans will put 1,200 jobs at risk across the department store chain.</p>
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<p>Creditors, including landlords, are due to vote on the CVA agreement later on Thursday with approval from 75% needed to give the plans the green light.</p>
<p>Executive chairman Terry Duddy said: “I am pleased that our new owners have confirmed their commitment to Debenhams and remain supportive of our plans to restructure the business.</p>
<p>“We are confident that we will receive support for our CVA proposals, which make sense for all parties, and will give us the platform to deliver a turnaround.”</p>
<p>Debenhams’ pre-pack administration last month wiped out the stakes of all shareholders including Sports Direct.</p>
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