MAX Immo

Troubled British retail chain Debenhams confirmed yesterday that three more of its locations will remain permanently closed after lockdown restrictions are eased thereby bringing its total of permanent closures to 20. The three additional terminations will cause the loss of 300 jobs. Debenhams said it was closing the three because it could not agree to new rental terms with their landlord, Intu, the British mall operator that has been facing its own financial difficulties of late.

Jobs go as Debenhams shuts more stores The retailer will not re-open another three outlets after failing to agree new terms with landlord Intu.

A new report by Coresight Research says that the number of permanent store closures in the US this year could be as high as 25,000. Pre-pandemic Coresight estimated the number to be about 15,000 so it's a significant jump from just a few months ago. Anywhere from 55% to 60% of the closures are expected to be in malls and apparel and department stores are the most likely to succumb. Meanwhile, Tailored Brands, the parent company of Men's Wearhouse and JoS. A. Bank, may become the next big US retailer to declare bankruptcy according to various news outlets.

Permanent store closures could hit 25K in 2020, Coresight says That number would shatter 2019's record as the retail industry navigates trends accelerated by the COVID-19 crisis.