This is terrible news for admirers of Debenhams! Bad news!! Retail fasten Debenhams
wants to shut everything down 50 shops with the loss of 4,000 employments subsequent to losing nearly £500m a year ago.
The group said the closures will take place over a three to five year period and the announcement comes alongside a dire set of financial figures - recording the biggest loss in its 240 year history.
The high street chain will slash the value of its store leases and IT systems as it set to reveal one-off costs of more than £500million.
Debenhams swung to a £491.5 million loss in the year to September 1 after being stung by exceptional write-downs of £512.4 million, mainly relating to store and lease provisions, IT costs and impairment charges.
The massive accounting charge will wipe put annual profits of about £33million, a slump from £95million the previous year.
Debenhams have confirmed the closure of around 50 of its 165 stores, a dramatic increase on the 10 signalled before.
A further 15 are expected to be classed as “on the margins”.
Debenhams has been weighed down by debts built up during its private equity owned years and cut throat high street competition.
Around 4,000 staff will be impacted at the 50 stores facing closure.