Sunday 21 October 2018 7:04 pm

Debenhams could close dozens of stores as it looks to cut costs

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Debenhams is expected to announce further store closures on top of the 10 it already has planned, as it presents its full-year results on Thursday.

The beleaguered retail giant, which has issued three profit warnings and has lost two-thirds of its share price since the start of 2018, is looking to save £30m by axing dividends, sources told City A.M.

Read more: Is the Debenhams rebrand a case of too little too late?

The high street chain is planning to save a further £70m by slashing capital expenditure.

Debenhams has been under increased scrutiny following the collapse of its rival House of Fraser in August.

Debenhams’ new finance chief Rachel Osborne, who joined the company from Domino’s Pizza last month, is working on reducing debt and tidying up her employer’s balance sheet.

Read more: Debenhams faces mounting pressure as leading insurer backs out

Although the number of stores which will close is dependent on conversations with landlords, reports say around 60 shops could face the axe.

Last month, Debenhams unveiled its “store of the future” in Watford where customers can get a facial or a blow dry in addition to trying new outfits in snazzy changing rooms.

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