Oct 24, 2018

Debenhams 'seeks to close 50 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. 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. Last month Debenhams sought to reassure investors about its finances after appointing KPMG to help improve its performance and maximise shareholder value.

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