Debenhams’ Fife store earmarked for closure

 

 

The Debenhams store in Kirkcaldy is set to be closed in another hammer blow to the town’s High Street.

Debenhams today named 22 of the 50 stores it plans to axe as part of a plan by new owners to revive the chain’s ailing fortunes.

The closures will start next year and 1,200 staff will be affected by the first phase.

Kirkcaldy is one of the 22 stores earmarked for closure. The Dunfermline store survives for now at least.

Earlier this month, lenders to Debenhams took control in a deal which wiped out the investments of shareholders.

The new owners include Barclays and Bank of Ireland, as well as US investment firms.

Terry Duddy, Debenhams executive chairman, said today, “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.”

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