Fears for Debenhams after new profit alert

Fears are mounting over the future of Debenhams in the wake of its third profit warning this year, as shares and bonds in the retailer hit an all-time low. A fierce price war and weak consumer spending have forced the department store chain to slash its pre-tax profit forecast to between £35million and £40million. Investors had budgeted for more than £50million, still down from £59million last year. The drop is partly due to a slump in sales.

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