Debenhams news and archive

Debenhams Chairman Sir Ian Cheshire steps down

At its annual general meeting held yesterday, Debenhams plc Chairman, Sir Ian Cheshire informed the company of his decision to step down from the board with immediate effect. The company said that Sir Ian, who joined the board in January 2016 and was appointed Chairman in April 2016 decided to resign after the company’s two major shareholders...

Report

Debenhams like-for-like sales drop 3.4 percent over Christmas period

Debenhams plc, in its trading update for the 6 weeks and the 18 weeks to January 5, 2019 said that against a challenging market backdrop, the group is currently on track to deliver current year profits in line with market expectations, supported by further identified cost savings. Group gross transaction value for 6 weeks declined 3.8 percent,...

Report

Analysts expect Next’s sales to be 13 percent down year-on-year

New York - The first week of January is crucial as main apparel retailers in the UK share their Christmas trading updates. After John Lewis enjoyed the benefits of last-minute shopping, the City expects Next to report disappointing figures, forecasting in-store sales could be down as much as 13 percent. Analysts at Jefferies said last week that...

Management

Laura Ashley closures: an all-too-familiar sight for the high street

If you feel like the news on Monday that Laura Ashley would be closing 40 of its stores felt oddly familiar, it’s because it is. The UK is facing an increasing amount of store closures, and the once flowery Laura Ashley is the latest retailer to wilt in the country’s struggling high street. House of Fraser (HoF), New Look and Marks and Spencer...

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Mike Ashley lashes out at Debenhams over 40 million pound loan rebuff

Sports Direct owner Mike Ashley has lashed out at Debenhams after the UK retailer refused his offer of a 40 million pound cash injection, according to the Daily Telegraph. In a letter published by the UK newspaper, Ashley warns Debenhams CEO Sergio Bucher that without the money the retailer "has zero chance of survival". “What we’re offering is...

Retail|OPINION Featured

Debenhams: end of an era for another high street retailer?

London - First came the collapse of BHS, followed by House of Fraser and now Debenhams. Even John Lewis is suffering from an all-time trading low. And then there is longtime suffering Marks and Spencer, planning to close over 100 stores by 2022.The British high street is in disarray as mid-level department stores are no longer the pinnacle of...

ManagementFeatured

Debenhams reports record annual loss of 633.7 million USD, to close 50 stores

Debenhams plc in its preliminary results announcement for the 52 weeks to September 1, 2018, said that the group gross transaction value decreased by 1.8 percent to 3,745 million dollars and group revenue decreased by 2.5 percent to 2,940 million dollars, while group like-for-like sales decreased by 2.3 percent on a reported basis and 2.7...

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Debenhams faces new problems as insurers pull out

London - Embattled department store Debenhams is facing a barrage of problems as its leading credit insurer will no longer cover the retailer’s suppliers. Atradius, a longtime insurance provider for Debenhams, has halted its credit cover for companies supplying the store amid fears of future trading in the run-up to the holiday season. According...

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Debenhams forecasts full year profit within expected range

Following media speculations surrounding its turnaround measures, Debenhams Plc has announced through a statement that subject to audit, it expects to report pre-exceptional pre-tax profit for FY2018 of around 33 million pounds (42.7 million dollars), within the current market range of 31 million pounds to 36.5 million pounds, and EBITDA of...

Report

Debenhams calls in KPMG as it explores turnaround options

Troubled department store chain Debenhams has roped in advisors from KPMG to assess various options including company voluntary arrangement (CVA) to cut costs and drive sales, reports BBC. Recently, media reports revealed that the company terminated several positions at its head-office as well as stores amid difficult trading conditions....

Management

Debenhams debuts online beauty community and digitally-integrated beauty halls

Debenhams has announced the launch of two beauty initiatives called Beauty Club Community and Beauty Halls of the Future, this month. Commenting on the initiatives, Richard Cristofoli, Managing Director of beauty and marketing at Debenhams, said in a statement: “By creating the UK’s first online beauty community and designing Beauty Halls of the...

ManagementFeatured

Three UK department stores announce rebrands

The UK high street is getting a refreshed new look from this week after three of the British’s best-known retailers John Lewis, Debenhams and Harvey Nichols all announced that they were rebranding. Department store John Lewis announced that is looking to focus on what differentiates them from their competitors by added ‘& Partners’ to its brand...