Department store group slumps into the red
Debenhams has announced at pre-tax loss of £491.5m for the 12 months to 30 September 2018. It announced a series of cost-cutting measures to stem the losses.
CEO Sergio Bucher said comprehensive review of the store portfolio had resulted in a to decision to close up to 50 stores over the next 3-5 years, with plans to shed space and cut rents on the remaining 100 sites.
Bucher said: “It has been a tough year for retail in 2018 and our performance reflects that. We are taking decisive steps to strengthen Debenhams in a market that remains volatile and challenging.”