Debenhams boss steps down with £700,000 payoff

Sergio Bucher was at the helm for two years and presided over collapse into administration

Sergio Bucher, the chief executive of Debenhams, is being handed a £700,000 payoff despite presiding over the department store chain’s collapse into administration.

On Thursday the retailer confirmed that Bucher was leaving and that its chairman, Terry Duddy, would temporarily take over ahead of a major store closure programme, to be unveiled next week, that will put thousands of jobs at risk.

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