Wednesday, 24 October 2018

Debenhams 'seeks to close 50 of its 166 stores in survival bid



Debenhams is understood to be seeking to close 50 of its 166 stores in a radical overhaul as it prepares to reveal a record £500m loss.

 
The struggling department store chain has previously said 10 stores were earmarked for closure over the next five years but has raised that target.


The retailer's survival plan, which was first reported by Sky News, will affect about 4,000 jobs.
Debenhams, which declined to comment, reports annual results on Thursday.


About 25 store leases are due to expire over the next five years, although the company will not necessarily want to close all of those outlets.
Debenhams will have to negotiate ending other leases with landlords, many of which may be reluctant to do so given the headwinds facing retailers.


The chain has been under increased scrutiny since rival House of Fraser collapsed in August.





BBC      News.