Debenhams could close 20 stores across the UK this year, according to latest news. The department store is in talks with banks after struggling financially. In October 2018 the high street giant announced it would close up to 50 stores. Now it seems 20 might shut down in 2019.
The BBC reported that Debenhams is exploring a company voluntary arrangement (CVA) that could mean 20 stores will close.
The department store chain is hoping to borrow more money to pay rent to its landlords.
This is the latest since Debenhams announced 50 stores would close. /life-style/life/1036162/Debenhams-uk-news-stores-close-closures-closing-which-full-list
A full list of closures was not confirmed by the company however those deemed to be ‘least profitable’ are set to close, a spokeswoman has said.
A spokeswoman for Debenhams told Express.co.uk in October: “Unfortunately we are unable to provide these details.”
When asked whether Debenhams knew which stores the brand would be closing, whether staff had been told about closures and whether their stores will close, and if there is a timeframe as to when announcements will be made the representative for the company added: “I can’t confirm any details around this question and we can’t confirm timing as to when there will be announcements made.”
There were warnings the move could put up to 4,000 jobs at risk.
A spokeswoman told The Mirror the 50 stores decided to be the “least profiting” over the next five years will be at risk of closures.
Dehenhams currently has 165 stores and employs 27,000 people.
This is the latest in a spate of UK high street closures.
Santander will close 140 banks, it was announced in January.
Susan Allen, head of retail and business banking, said: “We have had to take some very difficult decisions over our less visited branches.”
This move will put 1,270 jobs at risk in the UK branches.
The bank representative added: “We continue to believe that branches have a vital role to play.
“We are confident that following these changes we will have the right branch network to serve our customers’ changing needs, and we expect the size of our network to remain stable for the foreseeable future.”