By guest author Ava Szajna-Hopgood from Retail Gazette
Debenhams could close up to one third of its stores as the beleaguered business looks to save GBP 30 million.
The retailer is expected to announce further store closures this week at its full year results on Thursday, October 25, 2018 after appointing KPMG to consult on the turnaround.
On top of the ten closures already announced, Debenhams’ new finance chief Rachel Osborne is said to be considering closing up to a third of its 166 stores, according to sources speaking to City AM.
They believe the exact number will depend on the kind of negotiations Debenhams can make with store landlords, although it’s thought Debenhams could shrink its business to around 100 outlets in the coming years.
Debenhams has lost two thirds of its share price from the start of the year, and is now looking to save GBP 30 million by halting shareholder payments.
A further GBP 70 million is planned to be saved by cutting capital expenditure.