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More store closures on the cards for troubled Debenhams?

Debenhams is expected to announce a further slate of store closures on top of the ten it has already planned in its efforts to slash costs.

The troubled retail giant has issued three profit warnings and has lost two-thirds of its share price since the start of 2018. It is looking to save a further £30 million by axing dividends.

The department store chain will be presenting its full-year results on Thursdays. Sources close to the situation have detailed that this is when Debenhams will make the announcement.

Debenhams’ new finance chief Rachel Osborne, who joined the company from Domino’s Pizza last month, is working on reducing debt and tidying up the firm’s balance sheet.

Although the number of stores which will close is dependent on conversations with landlords, reports say around 60 shops could face the axe.

Last month, Debenhams unveiled its “store of the future” in Watford where customers can get a facial or a blow dry in addition to trying new outfits in snazzy changing rooms.

About Robert Hutchins

Robert Hutchins is the editor of Licensing.biz and ToyNews. Hutchins has worked his way up from Staff Writer to the position of Editor across the two titles, having spent some six years with both ToyNews and Licensing.biz, and what now seems like a lifetime surrounded by toys. You can contact him by emailing robert.hutchins@bizmedia.co.uk or calling him on 0203 143 8780 You can even follow him on Twitter @RobHutchins3 if ranting is your thing...

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