Debenhams will close up to 50 shops
Debenhams, a chain of British department stores in Debenhams, announced a record loss of £491.5 million on Thursday. In addition, it has announced the closure of up to 50 stores, which could result in more than 4,000 employees being made redundant.
Debenhams is another of the British brands that once played a key role in the retail market and is now struggling with financial problems. In September 2018, the House of Fraser retail chain was bought out of bankruptcy by Sports Direct, the owner of sports shops.
According to data from the Centre for Retail Research, since 2007 nearly 450 large companies have gone bankrupt, as a result of which over 320,000 people have lost their jobs.