The UK retailer and real estate investment fund Intu were unable to agree new rental terms
Debenhams' Watford, UK, store
UK department store chain Debenhams has been forced to shutter three more stores, after discussions with landlords collapsed.
The terms could not be reached with investment fund Intu, which is in financial trouble itself, after writing down the value of its shopping centre sites by nearly £2bn, according to the BBC.
The retailer’s stores in Metrocentre, Milton Keynes and Watford, will remain permanently shut after being temporarily closed due to the coronavirus pandemic.
According to reports, these closures could mean a loss of around 300 jobs.
“Sadly we have been unable to agree terms with the landlord,” a Debenhams spokesperson said.
“As a result, these stores will not be reopening in line with the rest of the chain next week.
The spokesperson also told Cosmetics Business it greatly regrets the effect this will have on its colleagues, who it said had served its customers with “commitment and dedication”.
The news is a blow for the chain, which announced in April that at least seven stores would not reopen after the lockdown.
In order to protect itself from legal action Debenhams also had to enter ‘light touch’ administration.