April 26, 2019 11.01 am This story is over 31 months old

Lincolnshire Debenhams stores safe, for now

It’s here to stay

Debenhams has revealed that it will close 22 of its stores early next year, but Lincoln’s shop has been speared the axe for now.

Both of the Lincoln and Scunthorpe Debenhams escaped the list. However, a total of 50 of Debenhams’ worst performing stores are earmarked for closure.

The remaining ‘at risk’ stores are still to be identified.

Debenhams, which employs 25,000 people, was taken over by lenders in a pre-pack administration.

New owners are launching a major store closure hit list and insolvencies – known as a company voluntary arrangement (CVA).

The first wave of 22 stores to close will affect 1,200 staff and will be completed by the Christmas period.

Terry Duddy, the executive chairman of Debenhams, said: “The issues facing the UK high street are very well known.

“Debenhams has a clear strategy and a bright future but in order for the business to prosper, we need to restructure the group’s store portfolio and its balance sheet, which are not appropriate for today’s much-changed retail environment.”

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