Debenhams executive chairman Terry Duddy is due to step down next month as its owners prepare to appoint turnaround specialist Stefaan Vansteenkiste as chief executive. Vansteenkiste was enlisted by Debenhams in April to take on the role of chief restructuring officer, but is poised to replace Duddy next month.
Duddy, who’s previous roles include serving for UK giants Argos and Homebase, was appointed as Debenhams’ chief restructuring officer after chief executive Sergio Bucher quit when the company collapsed into administration.
Vansteenkiste’s previous role saw him working at corporate recovery firm Alvarez & Marsal, and most recently he served as interim head of Intertoys, which operates 500 stores in Europe. Debenhams expects Vansteenkiste’s appointment to serve as a purpose in turning the business around in time for the crucial Christmas trading period.
Moreover, since the announcement of Debenhams’ administration, the department store chain said it will close 50 of its 166 UK stores, with the first tranche of 22 closures planned for next year. In total, more than 4000 staff will be made redundant, which adds to the UK high street’s doom and gloom.
