Will Debenhams close branches in King’s Lynn, Norwich or Great Yarmouth?
PUBLISHED: 12:15 24 October 2018 | UPDATED: 15:31 25 October 2018
The future for Norfolk’s three Debenhams department stores will be revealed tomorrow.
The store chain is widely tipped to announce the closure of around a third of its 166 branches when it announces its annual results on Thursday.
Its chief executive Sergio Bucher has pledged to cut costs and streamline the business in the face of falling profits and share price as shoppers abandon the high street to buy online.
The company is said to be looking to save £100m by cutting dividends to shareholders and capital expenditure.
Debenhams, founded in 1778, has 178 stores in the UK, Ireland and Denmark. They include branches in King’s Lynn, Norwich and Great Yarmouth.
While currently the UK’s largest department store group in terms of numbers, industry analysts say its strategy is to create an international multi-channel brand.