Feb 4, 2019
Debenhams may close stores this year under restructure
Debenhams is exploring a company voluntary arrangement which could bring forward the closure of around 20 of its department stores this year. Debenhams announced in October that it was increasing its store closure plans from 10 to 50 shops - putting 4,000 jobs at risk - which would take place between three and five years. Debenhams has 165 stores and employs around 25,000 people. High Street retailers have been under increasing pressure as more people choose to shop online and visit stores less. Debenhams reported a record pre-tax loss of £491.5m last year and more recently said sales had fallen sharply over Christmas.
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