Debenhams to close 50 stores as posts biggest loss in its 240-year history

Debenhams, a British multinational department store chain, has revealed that it is closing up to 50 of its underperforming stores in the next three to five years, a move that will put around 4,000 jobs at risk.

Already this year, Debenhams has issued three profit warnings and written off £512.4m on leases and goodwill, leading to a loss of £491.5m, the biggest in its 240-year history.

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