Debenhams confirms store closures but denies insolvency plan

Chain was reported to be considering CVA process used by House of Fraser and othersThe Debenhams chairman has confirmed the ailing retailer will close stores but denied that the company is actively planning to do so through an insolvency process.Sir Ian Cheshire’s comments come after weekend reports that Debenhams was working with advisory firm KPMG on a company voluntary arrangement (CVA), a form of insolvency that enables a business to exit unwanted properties and negotiate rent cuts acr