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Small landlords to be hit by Debenhams CVA

Debenhams will ask small landlords and councils to slash rents and business rates if the struggling department store chain’s creditors approve its proposed company voluntary arrangement (CVA) this week.

The Sunday Times reported that only a quarter of the retailer’s stores earmarked for closure and those where it is requesting the highest rent cuts are owned by big property companies. Around 30 local councils will also be asked to accept a 50% cut in business rates bills.

Landlords are likely to vote in favour of the proposed CVA, property experts told Drapers last week.

Debenhams has earmarked for 22 stores for closure and a further 105 for rent reductions.

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