Debenhams has announced that it will close 22 of its UK stores, jeopardizing 1,200 jobs. For months, the ailing High Street chain, which has 166 stores and 25,000 employees, has struggled with debts of £ 640million. Three profit warnings have been issued over the past year and went to administration last month. There will be a total of 50 shop closures, with next year the first 22 shutting down their doors.
Lenders took over the business earlier this month in a process designed to keep shops open at shareholders ‘ expense. They dismissed Sports Direct tycoon Mike Ashley’s £ 200 million bid, which he branded as a’ national disgrace.’ Firmingham Fort, Canterbury, Chatham, Eastbourne, Folkestone, Great Yarmouth, Guildford, Kirkcaldy, Orpington, Slough, Southport, Southsea, Staines, Stockton, Walton, Wandsworth, Welwyn Garden City, Wimbledon, Witney, Wolverhampton.