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25th Oct 2018

Debenhams has confirmed it will shut down stores with 4,000 jobs at risk

Olivia Hayes

The news was announced this morning.

Debenhams has confirmed that it will close up to 50 stores due to nearly £500 million in loss – the biggest loss in the shop’s 240-year history.

The closures will be implemented over a five-year period, with more then 4,000 jobs now at risk.

According to the Independent, chief executive Sergio Bucher said: “It has been a tough year for retail in 2018 and our performance reflects that. We are taking decisive steps to strengthen Debenhams in a market that remains volatile and challenging.

“We are taking tough decisions on stores where financial performance is likely to deteriorate over time.

“Debenhams remains a strong and trusted brand with 19 million customers shopping with us over the past year.

“With a strengthened balance sheet, we will focus investment behind our strategic priorities and ensure that Debenhams has a sustainable and profitable future.”

It is unknown whether it’s Irish stores will close.