It is understood that the staff restructuring plan has successfully paved a way for its examiner to finalise a rescue plan so that Debenhams can continue to have a presence in the Irish market.
It is understood the British parent company is to write off more than E42 million that it is owed by the Irish subsidiary as party of the rescue package. Further it is to provide an unsecured three year loan to fund a scheme of arrangement by the examiner. The creditors are to vote on the scheme in the coming days and then it will be put to the High Court for ratification.
As part of the rescue package it is rumoured that a number landlord has accepted significant reductions in the lease thereby enabling the 11 Irish stores to continue to trade on.
Staff at troubled retailer Debenhams have voted overwhelmingly to back a sustainability plan that includes up to 70 redundancies, a pay freeze and a harmonisation of grades across the company.