Debenhams set to close dozens of stores as it looks to cut costs


Debenhams is expected to announce further store closures on top of the 10 it already has planned, as it presents its full-year results on Thursday.

The retail giant, which has been struggling to make sales issued three profit warnings and has lost two-thirds of its share price since the start of 2018, is looking to save £30m by axing dividends.

The high street chain is planning to save a further £70m by slashing capital expenditure and brought in KPMG to advise on a way forward.

Debenhams has been under increased scrutiny following the collapse of its rival House of Fraser in August.

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