A survival plan to allow Debenhams Ireland to exit examinership has been approved by the High Court.
The existence of the Debenhams brand in Ireland was in jeopardy for some time, due to ongoing financial losses and high rents, causing the retailer to enter examinership in May.
But the new scheme, put together by the retailer’s examiner, Kieran Wallace of KPMG, allows the department store chain to continue operating 11 stores, saving up to 1,330 jobs.
Debenhams said in a statement that it will now seek 98 voluntary redundancies, but no compulsory ones.
The news follows the announcement in July that Debenhams Retail had sought off competition from UK billionaire Mike Ashley, who owns Sports Direct, to acquire its own business in Ireland.
Seeking the approval of the scheme, Neil Steen Bl for Mr Wallace said it had been approved by the vast majority of creditors and classes of creditors, the Irish Independent reports.
Counsel said that the company had secured significant cost savings that would allow it to continue to trade.