Debenhams has confirmed that Sergio Bucher is stepping down as chief executive after the struggling retailer entered administration last week.

In a statement, the group said that Bucher, who has led Debenhams since October 2016, would leave the business this week in order to “allow new leadership to carry through the restructuring and turnaround of the business”.

It has now begun the search for his successor, with retail veteran Terry Duddy, the current non-executive chairman, assuming the role of interim executive chairman.

Bucher stated: "Now that our new financing facilities are in place, it is time to move on, knowing the company is in good hands with a plan that will deliver a sustainable future.

“I would like to wholeheartedly thank all of my colleagues for their efforts and dedication during such a turbulent time, as well as our suppliers, partners and of course customers for their continued support.”

Duddy added that Debenhams now has a clear path towards a viable and sustainable future. “With a positive, professional approach, he [Bucher] has acted at all times in the company’s best interests, and we wish him all the best for the future.”

The department store chain passed into the hands of its lenders last week after a refinancing and pre-pack administration deal was agreed, which it warned would see shareholder value wiped out.

It came after Debenhams rejected a last-ditch offer of £200 million by Sports Direct chief executive Mike Ashley, whose company is the largest Debenhams shareholder, ending the retail tycoon’s bitter struggle to seize control of the company.

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