Debenhams has confirmed plans to shut up to 50 stores, nearly a third of the UK-wide chain, putting up to 5,000 jobs at risk.
The struggling department store also unveiled a near £500m annual loss as it writes off the value of its brand and the cost of unwanted shop leases and IT systems.
Debenhams, which currently has 165 stores and employs 27,000 people, is struggling to adapt as shoppers switch away from the traditional high street towards spending more on leisure activities and to buying online. Nearly a quarter of all spending on fashion purchases is now made on the internet.
The company said the closures would take place over three to five years, as it confirmed that a far greater number of its outlets than previously admitted are likely to become unprofitable and need to shut down amid rising costs and heavy competition. The retailer said last year that it would close up to 10 stores and has already shut two.
For more read the full of article at The Guardian
