EARLIER this week, Debenhams chairman, Sir Ian Cheshire, confirmed the business is likely to have fewer department stores in the future.
Last year, the high-street giant revealed it would close 10 stores and has so far shut two.
Sir Ian spoke out after a series of reports last weekend indicated the company was considering a company voluntary arrangement (CVA), an insolvency procedure which allows businesses to cut rent costs and close stores which are under-performing.
A CVA allows struggling companies to continue trading while making a plan to pay off debts.
Sir Ian told BBC Radio 4’s Today programme the reports were “simply not true”.
However, the businessman – who has been chairman of the store for over two years – did admit closures were likely.
Why are Debenhams closing some of their stores?
It’s believed to be a combination of increasing rents, business rates and the rise in online shopping.
Richard Lim of Retail Economics, told the BBC: “The harsh reality is that they are operating in one of the most challenging parts of retailing at the moment.
“Consumers are increasingly shopping online, and they are also spending more on things like holidays and the experience economy.
“The other part of the pincer movement Debenhams is facing is that they are being squeezed on costs, with things like increasing rents and business rates, and rising wage and utilities bills.
“It all means that department stores are incredibly expensive to operate.”
Which stores are closing?
Just a few months ago, Debenhams axed 320 jobs and while it’s not currently clear which stores – out of 240 – will be closing, Sir Ian has confirmed closures are likely.
Earlier this year, it was revealed 10 stores could close nationwide, although at present, only two have shut.
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