HAVERFORDWEST’S Debenhams store has gained a breathing space following a recent raft of store closures announced.

Earlier this month, the company announced it was going in to administration.

In an early April statement, the company said it would be undertaking a review of their stores, which, if approved, would result in store closures to help reduce “rent burden”.

Terry Duddy, Debenhams’ chairman, said: “It is disappointing to reach a conclusion that will result in no value for our equity holders.

“However, this transaction will allow Debenhams to continue trading as normal; access the funding we need; and proceed with executing our turnaround plans, whilst deleveraging the Group’s balance sheet.

“We remain focused on protecting as many stores and jobs as possible, consistent with establishing a sustainable store portfolio in line with our previous guidance.

“In the meantime, our customers, colleagues, pension holders, suppliers and landlords can be reassured that Debenhams will now be able to move forward on a stable footing. I would like to thank them all for their recent and continuing support.”

The business will continue to trade as normal for now.

Debenhams has now named 22 of the 50 stores planned for closure as part of a plan by new owners, which include Barclays and Bank of Ireland, as well as US investment, to revive the chain.

The retailer says the store closures will start next year and 1,200 staff will be affected by the first phase.

No Welsh stores are named in the first closure phase, of 22 stores.