Sep 10, 2018

Debenhams rushes out statement to reassure investors

Debenhams says its profit this year will meet forecasts, as it rushed out a statement to try and reassure investors after the shares fell 16%. It came after the retailer confirmed on Sunday it had appointed consultancy KPMG to help improve its performance. Debenhams said on Monday KPMG would help "Maximise value for shareholders and protect other stakeholders". Given the fact that very few of its 170 stores are actually loss-making, Debenhams will want to look at all its options before making any decisions about reducing the size of its estate. Mr Bucher, who joined Debenhams in 2016, aims to put more emphasis on food and beauty and improve the firm's online platform. Sports Direct boss Mike Ashley, who bought House of Fraser out of administration and who owns just under 30% of Debenhams, is believed to be watching the latest developments closely.

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