Following reports earlier this week that Debenhams was likely to close stores , the retailer has confirmed the news this morning.

The department store chain has posted record annual losses and said it will close up to 50 stores, putting 4,000 jobs at risk, as reported by the BBC.

It is not yet known if the county's only branch, in Gloucester, will be affected, as Debenhams isn't releasing a list of stores for closure.

In the year to September, the retailer lost £491.5m, compared to profits of £59m the previous year.

Debenhams, which has 166 branches, had previously said it planned to close 10 stores. The company said the additional 40 stores earmarked for closure were "currently contributing positively" to the business, but it doesn't expect them to remain profitable in the future and intends to close them in the next three to five years.

The chain said it had identified a "profitable core of up to 100 stores", where it could see a positive return on future investment. These stores account for more than 80 per cent of the company's profits.

Punchline said: "It will be a sad day if Debenhams leaves Gloucester, but we know that department stores are expensive to run. The combination of too much space, inflexible leases and rising costs, added to the move towards more online shopping has already hit House of Fraser this year, now Debenhams is following in its footsteps."