Fears for Debenhams in Sheffield, Doncaster and Meadowhall as firm announces plans to close 50 stores
Debenhams has today announced plans to close 50 stores as profits plummeted.
CRIME: Sheffield gym owner Ross BurkinshawÂ gives thief three days to admit break-in The firm said the closures will take place over a three to five year period although none of the stores affected have yet been announced.
Debenhams operates stores on The Moor in Sheffield,Â at Meadowhall and in the Frenchgate Centre,Â Doncaster.
The closure plan will put around 4,000 jobs at risk.
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The company lostÂ Â£491.5 million in the year to September, with the firm blamingÂ store and lease provisions, IT costs and impairment charges.
Last year the company made a Â£59 million profit.
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 strengthenÂ DebenhamsÂ in a market that remains volatile and challenging.
"We are taking tough decisions on stores where financial performance is likely to deteriorate over time.
"Debenhams remains a strong and trusted brand with 19 million customers shopping with us over the past year. With a strengthened balance sheet, we will focus investment behind our strategic priorities and ensure thatÂ DebenhamsÂ has a sustainable and profitable future."
More to follow.