Southport Debenhams among 22 stores to close

Debenhams has announced that it will close 22 stores early next year, putting 1,200 jobs at risk.

The retailer says the store closures will start next year.

1,200 staff will be affected by the first phase - including the Southport store on Lord Street.

Debenhams, which employs 25,000 people, was taken over by its lenders a fortnight ago.

The company, which also has a store on Lord Street in Liverpool , has appointed FTI Consulting to carry out the process.

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But the retailer insisted stores would continue to trade as normal.

Administrators have sold the group to a newly-incorporated company controlled by Debenhams' lenders, including hedge funds thought to include Alcentra, Angelo Gordon and Silver Point Capital.

Under new ownership, Debenhams will have access to £200 million in emergency funding.

Sports Direct's owner Mike Ashley had been trying to buy the company but had not managed to secure a deal and trading in Debenhams' share was suspending on Tuesday morning, April 9.

The chain rejected a £150 million offer from Mr Ashley's company because he wanted to become chief executive.

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It would have seen Sports Direct underwrite the raising of £200million by issuing new shares, higher than its previous proposal.

Debenhams has proposed closing about 50 branches from next year and renegotiating rents with landlords to tackle its funding problems after issuing three profit warnings last year.

An update to the stock exchange by Debenhams said its commercial relationships with suppliers, employees, pension holders and customers would not be adversely impacted by the administration.

The statement added: "The group has undertaken a thorough review of its store estate in the context of the current and future retail environment and plans to proceed with a restructuring of the estate that, if approved, will result in a significant overall reduction in the group's rent burden and underpin a sustainable future."

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Chairman Terry Duddy added: "It is disappointing to reach a conclusion that will result in no value for our equity holders.

"However, this transaction will allow Debenhams to continue trading as normal, access the funding we need and proceed with executing our turnaround plans while deleveraging the group's balance sheet.

"We remain focused on protecting as many stores and jobs as possible, consistent with establishing a sustainable store portfolio in line with our previous guidance."

Here is the full list:

Altrincham

Ashford

Birmingham Fort

Canterbury

Chatham

Eastbourne

Folkestone

Great Yarmouth

Guildford

Kirkcaldy

Orpington