Department StoresHigh Street

Debenhams to axe 90 jobs

Debenhams has announced it is to cut 90 jobs as part of a restructuring plan to focus the business on key areas.

The department store is also currently in redundancy talks with 200 head office workers as part of the last stage of its cost cutting plan.

In a statement Debenhams said: “We announced our intention to restructure our organisation around three business units: Beauty & Beauty Services, Fashion & Home and Food & Events earlier this year.

“Our work to create a simplified and consistent structure across these units, reducing complexity and driving efficiency in order to deliver our Debenhams Redesigned strategy, is continuing.”

Debenhams boss Sergio Bucher is attempting to secure £10m in cost savings this year in order to shore up finances at the struggling retailer, and is also aiming to make a further £20m cut annually.

Despite the cuts Debenhams is forecasting pre-tax profit of £35m to £40m, £19m less than last years results. Mike Ashley, owner of Sports Direct is said to be looking to increase his 29% stake in Debenhams allowing him to attempt a takeover according to The Telegraph.

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