Struggling companies take note: when it comes to profit warnings you can always “do a bit of a Debenhams” and say that your previous forecasts are “no longer valid”.
It’s another shocker for the department store which has already had its chances of the survival written off by most of the City.
But let’s rewind: the only way the embattled retailer escaped issuing a profit warning in January after lacklustre Christmas trading was because it had unearthed £50m of cost savings from down the back of the sofa.
