Debenhams could close up to one third of its stores as the beleaguered retailer looks to save £30 million.
The department store chain is expected to announce further store closures this week at its full year results on Thursday after appointing KPMG to consult on the turnaround.
On top of the 10 closures already announced, Debenhams’ new finance chief Rachel Osborne is reportedly considering closing up to a third of its 166 stores, according to sources speaking to City AM.
It’s thought that the exact number would depend on the kind of negotiations Debenhams can make with store landlords, although Debenhams could shrink its business to around 100 outlets in the coming years.
Debenhams has lost two thirds of its share price from the start of the year, and is now looking to save £30 million by halting shareholder payments.
A further £70 million is planned to be saved by cutting capital expenditure.