Debenhams has revealed it will close 22 stores, including one in the North East, putting 1,200 jobs at risk.
The department store chain is shutting its Stockton branch as part of a major restructuring plan designed to save the business.
The 22 stores will close in the next year but it is expected that the group will close a total of 50 of its sites in the future. The remaining 28 sites earmarked for closure have yet to be revealed.
Terry Duddy, executive chairman of Debenhams, said: “The issues facing the UK high street are very well known. Debenhams has a clear strategy and a bright future but in order for the business to prosper, we need to restructure the group’s store portfolio and its balance sheet, which are not appropriate for today’s much-changed retail environment.
“Our priority is to save as many stores and as many jobs as we can, while making the business fit for the future.”
Debenhams was taken over two weeks ago by its lenders after falling into administration.
Sports Direct and Newcastle United owner Mike Ashley had put forward a number of rescue deals, including offering the company a £150m loan. However, all of his offers were rejected.
Mr Ashley, who owns just under 30% of Debenhams shares, had proved controversial with the department store chain’s management after he put forward plans to make himself CEO and fire the majority of its board of directors.
The 22 Debenhams stores closing are:
Altrincham
Ashford
Birmingham Fort
Canterbury
Chatham
Eastbourne
Folkestone
Great Yarmouth
Guildford
Kirkcaldy
Orpington
Slough
Southport
Southsea
Staines
Stockton
Walton
Wandsworth
Welwyn Garden City
Wimbledon
Witney
Wolverhampton
Debenhams falls into administration as 50 stores expected to close
Debenhams rejects Mike Ashley's £150m rescue deal, retail tycoon reveals
