		<div class="wpcnt">
			<div class="wpa">
				<span class="wpa-about">Advertisements</span>
				<div class="u top_amp">
							<amp-ad width="300" height="265"
		 type="pubmine"
		 data-siteid="111265417"
		 data-section="2">
		</amp-ad>
				</div>
			</div>
		</div><p>Debenhams is to close as a many as 22 stores, putting 1,200 jobs at risk across the department store chain.</p>
<p>The group has announced a Company Voluntary Arrangement (CVA), which will see the affected shops continue trading until early 2020.</p>
<p>Further closures could still be announced following discussions with landlords. Meanwhile rent reductions will be sought on many of the remaining branches.</p>
<p>Terry Duddy, executive chairman of Debenhams, said: “The issues facing the UK high street are very well known.</p>
<p>“Debenhams has a clear strategy and a bright future, but in order for the business to prosper, we need to restructure the group’s store portfolio and its balance sheet, which are not appropriate for today’s much-changed retail environment.</p>
<p>“Our priority is to save as many stores and as many jobs as we can, while making the business fit for the future.”</p>
<p>The retailer announced that it would pursue a restructuring last year, but the path for the process has now been cleared after control of the company was passed to its lenders.</p>
<blockquote><p>Our priority is to save as many stores and as many jobs as we can, while making the business fit for the future</p></blockquote>
<p>Debenhams went into a pre-pack administration earlier this month, wiping out the stakes of all shareholders including Sports Direct’s Mike Ashley.</p>
<p>Creditors including landlords will have the opportunity to vote on the CVA in a process overseen by advisers at KPMG.</p>
<p>Jim Tucker, a senior restructuring partner at KPMG, said: “Today’s announcement marks the next phase of Debenhams’ financial and operational restructuring strategy, following the comprehensive funding package announced at the end of March.</p>
<p>“If approved, and with the support of lenders and landlords, the CVAs will allow the business the flexibility to implement its turnaround strategy with a store estate that reflects the current UK retail environment.”</p>
<p>Debenhams also released a financial update for the 26 weeks to March 2, showing that sales at its UK stores declined by 7.4% during the period due to weaker footfall.</p>
<p>Underlying earnings declined by 36.6% to £65.9 million.</p>
<blockquote><p>This is devastating news for Debenhams employees who have battled hard to keep the company afloat</p></blockquote>
<p>The stores expected to close in 2020 are: Altrincham, Ashford, Birmingham Fort, Canterbury, Chatham, Eastbourne, Folkestone, Great Yarmouth, Guildford, Kirkcaldy, Orpington, Slough, Southport, Southsea, Staines, Stockton, Walton, Wandsworth, Welwyn Garden City, Wimbledon, Witney, Wolverhampton.</p>
<p>Gary Carter, GMB national officer, said: “Although many will not be surprised by the closure announcements, this is devastating news for Debenhams employees who have battled hard to keep the company afloat.</p>
<p><!--Ads3--></p>
<p>“They will join the tens of thousands of retail workers made redundant in recent months. He added: “It’s about time this Government stopped bickering over Brexit and did something to stem retail job losses and reinvigorate Britain’s high streets.</p>
			<div style="padding-bottom:15px;" class="wordads-tag" data-slot-type="belowpost">
				<div id="atatags-dynamic-belowpost-68ed7b4f821d4">
					<script type="text/javascript">
						window.getAdSnippetCallback = function () {
							if ( false === ( window.isWatlV1 ?? false ) ) {
								// Use Aditude scripts.
								window.tudeMappings = window.tudeMappings || [];
								window.tudeMappings.push( {
									divId: 'atatags-dynamic-belowpost-68ed7b4f821d4',
									format: 'belowpost',
								} );
							}
						}

						if ( document.readyState === 'loading' ) {
							document.addEventListener( 'DOMContentLoaded', window.getAdSnippetCallback );
						} else {
							window.getAdSnippetCallback();
						}
					</script>
				</div>
			</div>
Discover more from London Glossy Post
Subscribe to get the latest posts sent to your email.
