Debenhams to Shutter 50 Stores

In the wake of a significant loss, Debenhams (London) is planning to close 50 stores over the next three to five years. This follows the company’s announcement earlier this year that it only planned to close about ten stores over the next five years. 

The news comes as the chain reported a $630 million loss in the fiscal year that ended September 1. It is attributing those losses primarily to store and leas provisions, IT costs and impairment charges, according to Birmingham Post. (Last year, the company reported a profit of $75 million.)

These stores slated to close will result in about 4000 job losses.