Retail expert Terry Duddy is stepping down from his post of executive chairman at Debenhams in September, as the owners of the UK department store chain appoint Stefaan Vansteenkiste as the new chief executive. He has been chief restructuring officer at the retailer since April. Vansteenkiste will replace Sergio Bucher, who stepped down from his role in April, shortly after the company was put into administration.

The appointment of Vansteenkiste underlines the new shareholders' belief that Debenhams requires a turnaround specialist to fix it in a historically challenging trading environment, rather than a retail veteran, and especially so as the all-important Christmas trading period is just around the corner.

Meanwhile, Debenhams is currently in the midst of an existential threat of a legal challenge, funded by Mike Ashley's Sports Direct, pertaining to its restructuring process.Debenhams has plans to close down 50 of its 166 UK stores, with the first tranche of 22 closures planned by early next year.

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Press release: debenhams appoints new CEO