Debs to axe 50 stores

DEBENHAMs has been given the green light to close 50 stores, putting 1,200 jobs at risk.

The troubled department store chain has received approval from its creditors to press ahead with a company voluntary arrangement (CVA), an insolvency procedure that allows struggling firms to close underperforming stores. Creditors, including landlords, voted in favour of plans that will also see rents lowered on more than 100 outlets.

Debenhams chairman Terry Duddy said: ‘I am grateful to our suppliers, our pension stakeholders and our landlords who have backed our restructuring plans.’