Debenhams- which has branch in Mansfield- to close up to 50 stores

Debenhams was founded in 1778.
Debenhams was founded in 1778.

Thousands of jobs are at risk after Debenhams, which has a branch in Mansfield, announced plans to close up to 50 of its stores.

It comes after the department store chain announced it had made a record annual loss of £491.5m, compared to a £59m profit the year before.

It is not known if the Mansfield store, at the Four Seasons Shopping Centre, is one of the 50 out of 166 sites earmarked for closure.

It is understood that around 4,000 jobs are at risk nationally.

Debehnhams boss Sergio Bucher said the stores that were being considered were ‘currently contributing positively’ to the business but added: “However, rolling forward current trends, we do not believe they will remain profitable in future years and therefore we intend to exit these stores over the next 3-5 years.”