Debenhams stores in Romford, Ilford and Lakeside to stay open

Picture: The Debenhams store in Romford is not on the list of stores that are set to close next year.

Debenhams is to keep its stores in Romford, Ilford and Lakeside open, after announcing a restructuring plan that will close 22 other shops across the UK.

The proposals include two Company Voluntary Arrangements, an agreement with a business’s creditors to repay some or all of its debts.

22 of the department store’s sites will close in 2020, with the company saying it intends to close around 50 in total. 

Terry Duddy, Executive Chairman of Debenhams, said: “Debenhams has a clear strategy and a bright future but, in order for the business to prosper, we need to restructure the group’s store portfolio and its balance sheet, which are not appropriate for today’s much changed retail environment.

“Our priority is to save as many stores and as many jobs as we can, while making the business fit for the future.”

It means all of the stores will remain open in the run-up to the key trading period before Christmas.

A meeting will be held on Thursday, 9 May at which creditors will vote on whether or not to accept the proposal.

In a statement, Debenhams added that further store closures will be confirmed in due course but the final number depends on their “future trading performance”.