THE Prophet of doom and gloom has appeared once more on the high street as Debenhams joins a long list of retail giants looking to shave costs, negotiate leases and rents as well as reportedly putting a hold on shareholder’s payments in a bit to save up to £30 million.
As part of the cost saving exercise it has been reported that the company could be set to close at least a third of its stores.
The Debenhams chairman Sir Ian Cheshire has denied that any closures are going to be done through an insolvency process.
More than 30 high street retailers have launched company voluntary (CVA) arrangements in the last year. Some are blaming the onslaught of closures on the rise of online shopping, which does not have the added burden of the associated running costs of high street property including rising rents and crippling business rates.
Both Carmarthen and Llanelli have a Debenhams store. It is not known at this stage whether any of those stores have been identified for closure.