The chief executive of Debenhams will leave the company following its pre-pack administration, it has been announced.
Sergio Bucher is to step down this week, just under two years since he joined the high street retailer in May 2016.
Chairman Terry Duddy will take the reins in the interim as executive chairman, while a search for a new CEO is conducted.
It comes after Debenhams was placed into a pre-pack administration which wiped out the holdings of all investors, including Mike Ashley's Sports Direct, and put it into the hands of lenders.
The process will see the department store's debt reduced and comes ahead of a wider restructuring which will see around 50 stores close.
READ MORE: Control of Debenhams seized by its lenders as stakes are wiped out
It also cleared the way for a £200 million refinancing plan, announced in March, to go ahead.
Mr Duddy said: "Debenhams now has a clear path towards a viable and sustainable future and we have Sergio and his team to thank for that.
"With a positive, professional approach, he has acted at all times in the company's best interests, and we wish him all the best for the future." Mr Bucher joined from Amazon.
Funding Circle has reported a surge in first-quarter revenue, driven by a spike in loans under management.
The peer-to-peer lender, which floated last year, said its loan book swelled 44% to £3.4 billion in the period, with total originations up 23% at £644 million.
Combined with higher transaction yield from US policy changes and growth from over revenue lines, this helped turnover rise around 40%.
Shopping centre operator Intu has sold a 50% stake in its Derby shopping centre to investment firm Cale Street for £186 million.
The group, which also owns Braehead, said in its latest annual report that it had net external debt of £4.87 billion.
Intu's annual results for 2018 showed it swung to a £1.17 billion loss and property valuations fell, amid a difficult environment which has seen a number of retailers collapse and stores closed over the past year.
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