22nd Oct 2018 11:03
LONDON (Alliance News) - Department chain Debenhams PLC is preparing to close around a third of its stores and to slash its dividend to zero, the Daily Mail reported on Saturday.
The newspaper said the struggling chain "is understood" to have identified a third of its 166 stores to face possible closure, in a bid to save on costs amid a tough trading environment for UK retailers.
Debenhams, which has posted a series of profit warnings earlier this year, is seeking to generate GBP100 million in savings, the Daily Mail reported. Scrapping its dividend will bring in savings of around GBP30 million, the newspaper added.
https://www.thisismoney.co.uk/money/markets/article-6298825/A-Debenhams-stores-risk-closure.html
Last month, the retailer said that its annual profit would come in at around GBP35 million, down from GBP95.2 million a year prior.
Debenhams will post its full-year results on Thursday.
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