Debenhams is understood to have secured a cash injection of around £40m to buy it extra time as it battles to secure a longer term deal with lenders.

The department store chain is expected to announce the fresh funds imminently.

The struggling chain – which issued three profit warnings last year – is in talks with lenders and bondholders over renegotiating its debts.

Debenhams is also trying to accelerate plans to close stores, and is expected to close

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