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Gloucestershire Business News

Troubled Debenhams calls in KPMG

Dark clouds continue to hang over the fate of one of the most significant names in retail in Gloucester.

A long-standing favourite of shoppers in the county's capital, Debenhams Gloucester shop is its last surviving county department store.

Now news has broken that the business has called in accountancy firm KPMG to help with its already reported restructure - a move seen as significant.

Whether it will mean the clothing, cosmetics and homeware retailer will undergo a company voluntary agreement (CVA) - as others have done of late - is unclear as yet.

Reports suggest a CVA would see the business close a number of its stores and reduce rents in others. There is no details as yet.

It is more bad news for staff at the business who only last month learned Debenhams was rolling out a redundancy consultation with an expected 90 jobs to go - mostly in management.

Back at the beginning of 2018 it also warned that full year profits were likely to be in the region of £35 million to £40 million, not the £50.3 million first predicted. That news also arrived with the announcement it expected to cut 320 managerial roles.

More profit warnings have followed.

It is business as usual at Debenhams in Gloucester.

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