WARRINGTON’S Debenhams store is trading ‘very well’ and is unlikely to be among the branches to close this year, the Warrington Guardian understands.

The pre-pack administration undertaken by the struggling department store chain last week will see its debt reduced and comes ahead of a wider restructuring which will see around 50 stores close.

But the Guardian understands the Golden Square unit is performing well at the moment.

It is a boost for the town which saw its Marks and Spencer shut two years ago.

Officials from Warrington Borough Council are understood to be keeping a close eye on the situation.

Administrators at FTI Consulting were appointed to the retailer at just before 10am on Tuesday and immediately sold the group’s operating companies to a new entity owned by its lenders.

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The process does not affect the retailer’s pension scheme, suppliers, landlords or its immediate trading plans.

Chairman Terry Duddy 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.”