22 Debenhams store closures put 1200 jobs under threat

Debenhams chief executive, Sergio Bucher, announced last week that he was set to resign with a pay-off estimated at around £700,000.

Chairman Terry Duddy has taken over in the interim as executive chairman while a search for a new chief executive is conducted.

Administrators were appointed to the firm who immediately sold the PLC part of Debenhams to a newly-incorporated company controlled by secured lenders in a pre-pack administration deal in return for reducing the retailer’s £600 million debt.

A consortium of hedge funds and banks now manage the company and they have announced closure of 50 of its worst-performing stores, resulting in a potential job loss of around 1200.

“The issues facing the UK high street are very well known,” Duddy said.

“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. Our priority is to save as many stores and as many jobs as we can, while making the business fit for the future.”

A full list of those due to close is as follows:

  • 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

The post 22 Debenhams store closures put 1200 jobs under threat appeared first on RECRUITING TIMES.

from RECRUITING TIMES http://bit.ly/2VvAuaN
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