Debenhams is expected to announce a short-term cash injection of about £40m as it buys more time to arrange a longer-term refinancing and store closure plan.

The ailing department store chain, which has 165 outlets and employs 25,000 people, is battling to reach a deal with its banks and bondholders after a difficult Christmas capped off a lacklustre 2018, during which it issued three profit warnings.

Lenders have agreed to extend the company’s overdraft limit in an attempt to give it time to refinance its debts, and an announcement about the extension could come as soon as Tuesday. The rescue process is likely to involve the closure of tens of stores and lenders taking a stake in…

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