Is this the end of Debenhams in Gloucester?
By Sarah Wood | 22nd October 2018
Debenhams could close up to a third of its stores, as it tries to save £30 million.
The department store has been a part of the Gloucester retail landscape for many years. The company is expected to announce further store closures at its full year results on Thursday, after appointing KPMG to consult on the turnaround, as reported by Retail Gazette.
Having already announced 10 closures, Debenhams is said to be considering closing up to a third of its 166 stores.
The Gloucester branch is the only Debenhams in the county, after the Cheltenham store closed in 2016 to make way for the brand new John Lewis.
It's thought the exact number of closures will depend on negotiations Debenhams can make with landlords, although it could shrink its business to around 100 stores outlets in the next few years.
Debenhams has lost two thirds of its share price since the start of the year, and is now looking to save £30 million on shareholder payments. A further £70 million in savings is planned to by cutting spending on buildings and equipment.
Punchline said: "It would be a sad day if Debenhams were to leave Gloucester. With the future of House of Fraser looking uncertain, it is one of very few department stores left in the county. It remains to be seen whether it can compete with Amazon and the online retailers, not to mention John Lewis in Cheltenham."
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