Advertisement

New Debenhams CEO optimistic about store's future

The chief executive of Debenhams says he believes the company will succeed despite concerns about its future.

The company is preparing to open a new department store in Watford which has been formatted for the digital age.

Sergio Bucher told ITV News that he believes trading on the high street has become "more challenging" but he has the "winning formula" to revive Debenhams fortunes.

Debenhams has 166 stores in the UK. Bucher insists "only a handful" are loss-making.

Debenhams is negotiating with its landlords to reduce its rent and to give up retail space it no longer needs.

Debenhams is aiming to better prepared for the digital age.

Bucher also urged the government to reform Business Rates, a property tax which he says gives his online rivals a competitive advantage.

He joined Debenhams from Amazon two years ago but insists he doesn’t regret moving "for a single second".

It recent years Debenhams regularly posted annual profits of more than £100 million.

Debenhams CEO Sergio Bucher is optimistic about the store's future.

But this year, following three profit warnings, it's forecast to make £33 million.

The company's share price has fallen from 195 pence when it listed on the stock market in 2006 to less than 10 pence today.