Debenhams to close 50 stores
About 4,000 jobs to go
Debenhams employees woke to the worst possible news this morning with the revelation that the chain is set to close up to a third of its 166 stores – meaning about 50 Debenhams will shut.
The department stores posted record annual losses, revealing that in the year to September it lost £491.5m compared to profits of £59m the previous year.
The stores due to shut have not been revealed. Debenhams boss Sergio Bucher said they had identified a “profitable core” of up to 100 stores which account for more than 80 per cent of the chain’s profits.