Department stores group Debenhams has issued its third profits warning this year, with its chief executive, Sergio Bucher, saying he sees no improvement in the “exceptionally difficult times” on the UK high street.
The company first warned on profits in January, after a disappointing Christmas, and says trading in May and early June also fell short of expectations. The group has been hit by the general weakness in the retail market and increased discounting from rivals.
The latest blow to high street retailers comes after department store rival House of Fraser announced it was shutting more than half its UK branches, including its flagship store on London’s Oxford Street, putting 11,000 jobs at risk. It is one of a string of retailers that are using a company voluntary arrangement, a form of insolvency, to close outlets.
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