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.