Debenhams plans to close 90 stores putting 10,000 jobs at risk

High street giant Debenhams is planning to close 90 stores, putting 10,000 jobs at risk.

The firm has publicly said it plans to shut 50 stores over the next three to five years as part of a rescue plan.

Debenhams in Doncaster.

Debenhams in Doncaster.

But it is understood that the firm’s management have outlined a further 40 that could also be axed as part of a restructuring plan.

READ MORE: Fears for Debenhams in Meadowhall, Sheffield and Doncaster

The firm has branches in Sheffield city centre, Meadowhall and Doncaster’s Frenchgate Centre.

The Telegraph reports that Debenhams is understood to be considering all options as it battles falling numbers of shoppers, a large rent bill and intensifying online competition.

Last week, Sports Direct boss Mike Ashley, who has a 30 per cent stake in Debenhams, spearheaded a dramatic boardroom coup, ousting chairman Ian Cheshire and chief executive Sergio Bucher.

READ MORE: Sheffield Debenhams earmarked for redesign

Mr Bucher remains in the chief executive role but no longer has a seat on the board after Mr Ashley and another shareholder, Landmark Capital, voted against his re-appointment.

When Debenhams floated on the stock market in 2006 it was valued at £1.7 billion but is now worth £83 million.

READ MORE: This is why Debenhams in Meadowhall was closed

No details of which stores will close have been announced.