Excessive road division retailer big Debenhams might be pressured to completely shut a few of its greatest shops if the federal government doesn’t slash tax payments within the following months.
Debenhams presently has 124 shops within the UK, however that quantity may cut back by as much as 40 following what has been described as a ‘torrid’ yr.
The chain has already closed 22 shops this yr – together with one in Altrincham. Now others could also be in danger, together with Manchester’s retailer.
Talking about the way forward for a number of the UK’s largest Debenhams shops, the chairman, Mark Gifford, advised The Mail On Sunday: “A few of them aren’t going to make it. Some must shut. We’re them each week to see how issues develop.
“Gross sales are returning each week, we’re constructing extra confidence, and customers are returning in larger numbers.
‘However Oxford Avenue is admittedly weak. It has a £5.5million annual charges invoice – eyewatering. It is the fourth costliest within the nation after Harrods and Selfridges and John Lewis on Oxford Avenue.”
He additionally hinted that exterior of London, different main shops, together with Manchester’s, might be pressured to shut.
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He stated: “You go to cities like Edinburgh and it is the identical story – Leeds, Manchester, Glasgow.
“Is London going to return? Is Manchester going to return? We have been open for 12 weeks, in the perfect areas, and are seeing actually good footfall exterior the massive metropolis centres, however not inside them.
“It is too early to say we’re closing shops in these centres – some had been our most worthwhile shops. So we would prefer to hold them open. However we won’t hold them open ceaselessly on a hope.”