Debenhams

Debenhams (LON:DEB) has announced the closure of 22 stores across the UK, which will place 1,200 jobs at risk.

The department store named the locations of the stores on Friday, as it looks to restructure its business.

The stores set to close are as follows:

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 was taken over by its lenders, Barclays and and Bank of Ireland, last month. Shares were suspended as a result. 

Lenders have agreed to provide £200 million in funding to keep the struggling retailer afloat.

As part of the rescue deal, the department store is looking to close a total of 50 of underperforming sites. The remainder of the stores affected have yet to be disclosed.

Once the closures have been completed, Debenhams will have around 116 stores in the UK.

Terry Duddy, the 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 has been in the headlines in recent months amid an ongoing battle between shareholder Mike Ashley and the board over control of the company.

Mike Ashley, the owner of Sports Direct, wanted to become chief executive of Debenhams, however his approaches were rebuffed.