First Debenhams stores set to close in early 2020, reports

Twenty Debenhams stores could close in early 2020 as part of a Company Voluntary Agreement (CVA).

These would be the first of a planned 50 shop closures as part of the administration process of the 165-strong chain, Sky News has reported. More than 1,000 jobs are likely to be lost across the UK.

It has not been confirmed which of the shops will go or how it will affect the branch in Bury St Edmunds’s arc shopping centre. It had not previously been announced when the first closures would be.

Reports circulating in the media today (Wednesday, April 24) suggest owners of the homeware brand are days from launching a CVA, which would include the closure plan.

This is an arrangement that allows a business to carry on trading while in administration. BHS completed a similar operation while being wound-up.

Debenhams chief executive Sergio Bucher is poised to resign with chairman Terry Duddy set to take the reins while a successor is found.