DEBENHAMS TO CLOSE 22 OF 50 STORES IS YOUR STORE AFFECTED?
Debenhams has reported they are closing 22 stores in a ditch attempt by the new owners to revive the Department store chain.
Debenhams has said, in a statement made to BBC News, that their sales has fallen 7.4% over the last 26 weeks to March 2019.
Earlier this month the lenders to Debenhams took control in a deal which wiped out their investments of shareholders.
IS YOUR STORE CLOSING?
The list below is the official list of 22 UK stores closing in 2020
3. Birmingham Fort
8. Great Yarmouth
19. Welwyn Garden City
SO WHAT WENT WRONG?
With the growth of E Commerce (online shopping), Debenhams expanded their stores at the wrong time in the early 2000's which left them in tons of debt.
The lenders bought Debenhams out of administration earlier this month. The founder of Sports Direct, Mike Ashley, was looking at buying the chain out but got turned down because of his approaches. He also wanted to become Chief Executive.
The new owners have now announced their store closure programme under a process known as a Company Voluntary Arrangement (CVA), which also allows them to renegotiate rents at stores that remain open.