2019 was an atrocious year for the British retail sector, which lost more than 140,000 jobs over the last year - that is almost 400 jobs per day. Worse is still to come: for 2020, experts fear an even bigger onslaught.
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Belgian restructuring specialist Stefaan Vansteenkiste is promoted to CEO at Debenhams, in an attempt to save the British department store chain from bankruptcy.
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British department store chain Debenhams is implementing an intense recovery plan with some vigour: fifty stores will have to close, thirty others will be downsized.
Department store chain Debenhams is carrying a massive debt load, but still the chain has rejected Mike Ashley's ultimate plan to save it. That means the company is now under the control of the creditors.
In order to be successful again, department stores need to return to their origins: large flagship stores that amaze the shopper with an unrivaled assortment, flawless service and a unique experience. "The average doesn’t work for department stores."
Serio Bucher, CEO of Debanhams, believes his company will have to take some drastic steps to support its retail businesses in what he calls a volatile and challenging market.