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3 more Debenhams stores close; negotiations with Intu fail
11 Jun '20
2 min read
Pic: Debenhams
Debenhams recently announced three more of its branches—at Milton Keynes, Watford and Metrocentre in Gateshead—will not reopen after the UK department stores retailer failed to reach a rent agreement with British real estate investment trust Intu Properties PLC. The three stories join a list of 17 sites already earmarked for closure, taking the total to 20.
“Sadly we have been unable to agree terms with the landlord. As a result these stores will not be reopening in line with the rest of the chain next week. We greatly regret the effect on our colleagues, who have served our customers with commitment and dedication,” a company spokesperson was quoted as saying by British media reports.
About 300 staff are expected to lose their jobs as a result of the closures.
Debenhams had been trying to negotiate a new rent deal with Intu, as part of a restructuring, to continue to operate at its shopping centres.
The company has reached agreements with landlords on 120 stores, with 50 outlets in England and Northern Ireland reopening on June 15. The retailer, which recently entered administration, had 142 stores at the beginning of the lockdown.
“Sadly we have been unable to agree terms with the landlord. As a result these stores will not be reopening in line with the rest of the chain next week. We greatly regret the effect on our colleagues, who have served our customers with commitment and dedication,” a company spokesperson was quoted as saying by British media reports.
About 300 staff are expected to lose their jobs as a result of the closures.
Debenhams had been trying to negotiate a new rent deal with Intu, as part of a restructuring, to continue to operate at its shopping centres.
The company has reached agreements with landlords on 120 stores, with 50 outlets in England and Northern Ireland reopening on June 15. The retailer, which recently entered administration, had 142 stores at the beginning of the lockdown.
Fibre2Fashion News Desk (DS)
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