Debenhams has unveiled plans to axe up to 50 high street shops, putting around 4,000 jobs at risk, as profits plunged at the struggling department store chain.
The group, which has a store in The Mall in Blackburn, said the closures will take place over a three to five year period and the announcement comes alongside a dire set of financial figures.
Debenhams swung to a £491.5 million loss in the year to September 1 after being stung by exceptional write-downs of £512.4 million, primarily relating to store and lease provisions, IT costs and impairment charges.
The loss compares to a £59 million profit in 2017.
Boss Sergio Bucher said: “It has been a tough year for retail in 2018 and our performance reflects that.
"We are taking decisive steps to strengthen Debenhams in a market that remains volatile and challenging.
“We are taking tough decisions on stores where financial performance is likely to deteriorate over time.”
More updates are expected throughout the day.
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