10,000 jobs are allegedly at risk as Debenhams considers closing 90 stores

The department store chain Debenhams are reportedly considering the closure of 90 stores across the UK and Ireland, putting over 10,000 jobs at risk.

The chain have been a fixture on the high street for over 200 years, but has now publicly stated that it plans to shut roughly 50 stores over three to five years.

This rescue plan would affect 4,000 jobs, but now the number is supposedly drastically intensifying. The Telegraph reports that privately, the board has claimed up to 90 stores will be facing closure.

It has been claimed that Debenhams is considering all options after the number of shoppers fell once again, as well as a large rent bill accumulating and intensifying online competition.

FTI Consulting were hired by a group of Debenhams lender's to advise on the company's restructuring, but Sports Direct boss Mike Ashley ousted chairman Ian Cheshire and CEO Sergio Bucher.

Bucher maintains his position as chief executive but is no longer on the board, with Mike Ashley having a 30 percent stake in the brand.

The chain was valued at £1.7 billion back in 2006, but it's now worth just £83 million.

Shares and sales have been steadily dropping, with Mr Bucher expected to propose a turnaround plan to lenders in the next few weeks.

Investors have lost confidence in the future of Debenhams; those employed by the brand are expected to be massively affected by the news.

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