Debenhams entered administration on April 9. It came after the retailer announced in October 2018 that they may close 50 stores over the course of five years. Now, Sky News have reported that 20 stores are planned to close in early 2020. The broadcaster also claimed the company is set launch a company voluntary agreement, known as a CVA.
It said that these 20 stores are among the 50 stores which will shut during a three-year period.
Debenhams currently has 165 stores in the UK, with around 110 expected to continue trading under the Debenhams name.
An announcement is expected on Thursday, the broadcaster said.
It is not currently known as to which of the stores would be earmarked for closure.
Following the announcement back in February, a spokesperson for Debenhams told The Mirror that it would relate to the “least profiting” stores.
Debenhams declined to comment at this stage, when contacted by Express.co.uk.
Following Debenhams going into administration this month, Debenhams chairman Terry Duddy said: “We remain focused on protecting as many stores and jobs as possible, consistent with establishing a sustainable store portfolio in line with our previous guidance.
“In the meantime, our customers, colleagues, pension holders, suppliers and landlords can be reassured that Debenhams will now be able to move forward on a stable footing.”
Where to spend Debenhams gift cards and vouchers
At the time of writing, the 165 Debenhams stores in the UK remain open, as does its website.
Therefore, it’s possible to spend your Debenhams gift cards and vouchers online and in your local store.
Should I spend my Debenhams gift card now? Martin Lewis gives expert opinion
Debenhams has said it will continue to honour gift cards, so they are still valid to spend.
While Debenhams gift cards and vouchers remain valid now, Martin Lewis has recommended avoiding purchasing them for the future.
“Clearly, Debenhams is not in the most stable state at the moment,” the founder of MoneySavingExpert.com has previously said.
“So personally I wouldn’t be buying anyone any gift vouchers from there in the future (although that doesn’t mean much as I would always suggesting avoiding gift cards and vouchers anywhere anyway).”