About 4,000 jobs are at risk after Debenhams announced it would close up to 50 stores as part of a revival strategy.
The department store chain said it would close the shops over the next three to five years as it battles to survive on the high street. Debenhams revealed the closures as it reported a pre-tax loss of £492m, the largest in its 240-year history.
After a torrid year marked by profit warnings and adverse speculation, Debenhams could take some comfort yesterday that the City appeared to give the strategy a cautious welcome.
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