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Debenhams mulls offloading Magasin du Nord

Debenhams is considering cutting costs by selling assets including Magasin du Nord, its chain of six Danish department stores. 

The retailer said it is reviewing its options for Magasin which “continues to be a profitable business”.

Debenhams acquired the Danish retailer in 2009 for £12.3m in a bid to push into mainland Europe and had planned to open a seventh location in 2018

Earlier this week Debenhams issued its third profit warning of the year.

The retailer said it expected pre-tax profits to reach £35m-£40m, with EBITDA between £160m-£165. Previously, profits before tax were expected to be £50.3m.

The department store giant blamed the fall in profits on fewer shopper numbers and heavy discounting on the high street.

 

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Readers' comments (1)

  • Good idea. They need the money. Sell off what’s profitable to hide the unprofitable for a bit longer. Strategy not working. Worse news to come.

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