Debenhams to close up to 50 stores putting thousands of jobs at risk
Debenhams is to close up to 50 stores, putting around 4,000 jobs at risk.
The group said the closures will take place over a three to five year period and the announcement comes alongside a dire set of financial figures.
Debenhams swung to a £491.5 million loss in the year to September 1 after being stung by exceptional write-downs of £512.4 million, primarily relating to store and lease provisions, IT costs and impairment charges.
The loss compares to a profit of £59 million last year.
Boss Sergio Bucher said: “It has been a tough year for retail in 2018 and our performance reflects that. We are taking decisive steps to strengthen Debenhams in a market that remains volatile and challenging.
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“We are taking tough decisions on stores where financial performance is likely to deteriorate over time.
“Debenhams remains a strong and trusted brand with 19 million customers shopping with us over the past year. With a strengthened balance sheet, we will focus investment behind our strategic priorities and ensure that Debenhams has a sustainable and profitable future.”