{"id":3588,"date":"2018-10-24T20:25:26","date_gmt":"2018-10-24T20:25:26","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/debenhams-seeks-to-close-50-stores-in-survival-bid\/"},"modified":"2018-10-24T20:25:26","modified_gmt":"2018-10-24T20:25:26","slug":"debenhams-seeks-to-close-50-stores-in-survival-bid","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/debenhams-seeks-to-close-50-stores-in-survival-bid\/","title":{"rendered":"Debenhams ‘seeks to close 50 stores’ in survival bid"},"content":{"rendered":"\n
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\"Debenhams\"Image copyright<\/span>
\n Reuters<\/span><\/p>\n

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Debenhams is understood to be seeking to close 50 of its 166 stores in a radical overhaul as it prepares to reveal a record \u00a3500m loss.<\/p>\n

The struggling department store chain has previously said 10 stores were earmarked for closure over the next five years but has raised that target.<\/p>\n

The retailer’s survival plan, which was first reported by Sky News<\/a>, will affect about 4,000 jobs. <\/p>\n

Debenhams, which declined to comment, reports annual results on Thursday.<\/p>\n

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. <\/p>\n

Debenhams will have to negotiate ending other leases with landlords, many of which may be reluctant to do so given the headwinds facing retailers.<\/p>\n

The chain has been under increased scrutiny since rival House of Fraser collapsed in August.<\/p>\n

Last month Debenhams sought to reassure investors<\/a> about its finances after appointing KPMG to help improve its performance and maximise shareholder value. It said annual profits would be \u00a333m – below previous guidance of \u00a335m to \u00a340m.<\/p>\n

It has issued three profit warnings this year<\/a> and shares have fallen from 35p in January to just 8.5p, valuing the company at just over \u00a3100m.<\/p>\n<\/p><\/div>\n


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Source<\/a> by [author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Image copyright Reuters Debenhams is understood to be seeking to close 50 of its 166 stores in a radical overhaul as it prepares to reveal a record \u00a3500m 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. The retailer’s … <\/p>\n","protected":false},"author":0,"featured_media":3589,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=3588"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3588\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/3589"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=3588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=3588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=3588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}