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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Debenhams Plc       GB00B126KH97

DEBENHAMS PLC

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Debenhams: Cut rates, or we're outta here

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02/27/2020 | 04:22am EDT

DEBENHAMS is set to give councils an ultimatum in a bid to secure business rate cuts as it works out which of its stores are next for the chop.

The beleaguered department store chain will tell local authorities that a failure to cut its rates bills could cause them to shut the Debenhams outlet in the area, Sky News reported.

Whether or not councils and landlords cut rates and rents will determine where Debenhams closes stores. It plans to shutter 28 more shops by 2022, leaving about 100 open. It has already closed 22.

A person with knowledge of Debenhams's position said the chain was not making ultimatums but was instead engaging in constructive conversations with councils and landlords.

The department store, which has its roots in London in the 18th century, has been engulfed by crisis for more than a year.

It entered administration last year but is now owned by a group of hedge funds who have cut jobs and shuttered stores as part of a turnaround plan.

(c) 2020 City A.M., source Newspaper


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Managers
NameTitle
Mark Anthony Gifford Chairman
Nicola Kinnaird Independent Non-Executive Director
David Alexander Robertson Adams Independent Non-Executive Director
Stephen Sunnucks Director
Beatrice Madeleine Lafon Non-Executive Director