How many Debenhams stores will close next year?

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22 Debenhams Stores Slated for Closure in 2020

A restructuring plan backed by Debenhams' creditors will lead to the closure of 22 stores next year, impacting approximately 1,200 jobs. This move is part of a broader effort to reduce the retailer's current 166 UK store portfolio by around 50 locations.
Store Portfolio Reduction

The company voluntary arrangements (CVAs) underpinning the restructuring aim to reduce Debenhams' extensive UK store footprint. The ultimate goal is to shed about 50 underperforming locations from the current total of 166.
Job Impact

The closure of these 22 stores is expected to place 1,200 jobs at risk. Executive Chairman Terry Duddy has expressed gratitude to suppliers, pension stakeholders, and landlords for their support, stating the company will work to preserve as many stores and jobs as possible.
Creditor Control and Restructuring Rationale

Debenhams' lenders took control of the retailer last month following a rescue deal that nullified existing shareholders, including Mike Ashley. The company faced significant challenges, including a sharp slowdown in sales, high rental costs, and mounting debt, which led administrators to sell the group to its creditors, comprising British banks and US hedge funds.
Company Voluntary Arrangements (CVAs)

The investor consortium plans to restructure the chain by utilising company voluntary arrangements (CVAs). These arrangements enable retailers to avoid insolvency by divesting unwanted stores and negotiating more favourable rental agreements on others, while also reaching compromises with creditors.

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How many Debenhams stores will close next year?

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