News / UK and world by Press Association October 25, 2018, 9:25 am FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter Debenhams, long a staple of the British high street, has a history stretching back more than two centuries. Here, the Press Association looks back over key moments in its growth and decline. – 1778 – William Clark opens a drapers store selling expensive fabrics and accessories in London’s West End. – 1813 – William Debenham invests in Clark’s firm and it becomes Clark and Debenham. It opens its first shop outside the capital five years later in Cheltenham. – 1905 – Following decades of business acquisitions from retail to manufacturing, Debenhams Ltd is incorporated. – 1920 – The business purchases retailer Harvey Nichols in Knightsbridge. – 1928 – Debenhams becomes a public company after the Debenham family ends its involvement in the business. – 1950 … [Read more...] about Timeline: The rise and decline of high street giant Debenhams
Debenhams
Debenhams to close 50 stores after posting biggest loss in store’s history
News / UK and world by Press Association October 25, 2018, 8:27 am FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter Debenhams has unveiled plans to axe up to 50 high street shops, putting around 4,000 jobs at risk, as the struggling department store chain swung to a near £500 million loss. The group said the closures will take place over a three- to five-year period and the announcement comes alongside a dire set of financial figures. Debenhams swung to a £491.5 million loss in the year to September 1, the biggest in its history. It was stung by exceptional write-downs of £512.4 million, primarily relating to store and lease provisions, IT costs and impairment charges. The loss compares with a £59 million profit in 2017. Boss Sergio Bucher said: “It has been a tough year for retail in 2018 and our performance reflects that. We are taking decisive steps to strengthen Debenhams in a market that remains volatile and … [Read more...] about Debenhams to close 50 stores after posting biggest loss in store’s history
Debenhams to close 50 stores as posts record 500 million pounds loss
LONDON (Reuters) - Struggling department store chain Debenhams <DEB.L> is closing 50 of its underperforming stores, resulting in around 4,000 job losses, as write downs in the value of its business led to a record full-year loss of nearly 500 million pounds. The 240-year old British retailer, which has issued three profit warnings this year, said it made an adjusted pretax profit before one-off items of 33.2 million pounds, down 65 percent, but in line with its guidance (Reporting by Paul Sandle. Editing by Andrew MacAskill) … [Read more...] about Debenhams to close 50 stores as posts record 500 million pounds loss
Debenhams to shut 50 stores as 4,000 staff face redundancy
News / UK and world by Press Association October 25, 2018, 7:19 am FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter Debenhams has unveiled plans to axe up to 50 high street shops, putting around 4,000 jobs at risk, as profits plunged at the struggling department store chain. The group said the closures will take place over a three to five year period and the announcement comes alongside a dire set of financial figures. Debenhams swung to a £491.5 million loss in the year to September 1 after being stung by exceptional write-downs of £512.4 million, primarily relating to store and lease provisions, IT costs and impairment charges. The loss compares to a £59 million profit in 2017. Boss Sergio Bucher said: “It has been a tough year for retail in 2018 and our performance reflects that. We are taking decisive steps to strengthen Debenhams in a market that remains volatile and challenging. “We are taking tough … [Read more...] about Debenhams to shut 50 stores as 4,000 staff face redundancy
Debenhams to report biggest loss in 240-year history as stores face axe
Debenhams, Britain's biggest standalone department store chain, will announce the biggest loss in its 240-year history on Thursday as it sets out a plan to shrink its footprint in a radically shifting retail environment. Sky News can reveal that Debenhams will report a statutory annual loss of almost £500m for the year to 1 September.The mass of red ink on its accounts will arise from an overall charge of more than £500m - offsetting underlying profits of about £33m - relating to goodwill and impairments connected to store leases and IT systems.Alongside the full-year loss, Debenhams will confirm the closure of one-third of its 165 stores over the next five years, a stark upward revision from earlier guidance that around ten of its stores were facing the axe.That closure programme will entail the eventual loss of thousands of jobs from its 27,000-strong UK workforce, although Debenhams is not expected to set out details of the headcount changes or affected individual … [Read more...] about Debenhams to report biggest loss in 240-year history as stores face axe