Debenhams reported a record loss of nearly £500 million.
PHOTO BY ARCHIVE
DUBAI – Department store chain Debenhams is closing 50 of its underperforming stores in a move that is expected to affect around 4,000 employees.
The British retailer reported a record loss of nearly £500 million for a full year.
Chief Executive Sergio Bucher on Thursday said he was “taking decisive steps to strengthen Debenhams” in a challenging market.
“We are taking tough decisions on stores where financial performance is likely to deteriorate over time,” Butcher said, describing it a “tough year for retail”.
Butcher told BBC radio that shop closures will happen over the next three to five years.
Debenhams took charges of £512.4 million relating to leases and goodwill, leading to a statutory loss of £491.5 million, the biggest in its 240-year old history. GAD/Expat Media
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