October 25, 2018 / 6:13 AM / 2 months ago

Debenhams to close 50 stores as posts record 500 mln stg loss

LONDON, Oct 25 (Reuters) - Struggling department store chain Debenhams is closing 50 of its underperforming stores, resulting in around 4,000 job losses, as write downs in the value of its business led to a record full-year loss of nearly 500 million pounds.

The 240-year old British retailer, which has issued three profit warnings this year, said it made an adjusted pretax profit before one-off items of 33.2 million pounds, down 65 percent, but in line with its guidance. ($1 = 0.7754 pounds) (Reporting by Paul Sandle. Editing by Andrew MacAskill)

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