High street giants Debenhams have announced they will close up to 50 stores in the UK. A full list of closures is yet to be confirmed by the company.
There are warnings this could put up to 4,000 jobs at risk.
ITV’s Katy Rickitt reported this morning: “There have been £492 million pounds of loses and the close of 50 of these store will leave the biggest dent in the hight street’s footprint.
“It all started with a bad Christmas for Debenhams last year when snow left them £12 million down.”
Dehenhams has 165 stores and employs 27,000 people.
There is suspicion Mike Ashley, who bought out failing House of Fraser, could buy out the brand. He already owns 30 per cent of Debenhams.
The company’s share price has dropped 75 per cent in the last year.
Debenhams closures will take place over the next five years.
It is said to be planning to will slash the value of its store leases and computer systems.
There has been a slump of £95million from last year to this year.
Twitter users took to the social media site to comment on the closures.
One said: “The rest of Debenhams results don’t make for easy reading, it’s looking to generate cash, reduce its debt and ‘reshape the store portfolio’. It wants to make £130m of cash savings over the next three years.”
Another said: “@Debenhams and @marksandspencer will struggle as there Clientele is either dead or about to die. They don’t cater for any one under 70.
“As if the 25-40s are going to shop in there for Slacks and Shirts it’s 2018
“Even my grandad has @adidas trainers on these days.”
Express.co.uk have contacted Debenhams for comment.
More to follow