LONDON (Alliance News) - Debenhams intends to sell its Danish department store chain Magasin du Nord for up to GBP250 million, the Guardian reported late Tuesday.
The newspaper noted Debenhams acquired Magasin du Nord for just GBP12 million nearly a decade ago.
The decision to sell assets comes as Debenhams faces challenging high-street trading conditions. The company has already issued three profit warnings since the start of its financial year in September.
At the time of the most recent profit warning in June, Debenhams said it expected to make annual profit between GBP35 million and GBP40 million. In comparison, the prior year it made GBP95.2 million of pretax profit.
https://www.theguardian.com/business/2018/jul/31/debenhams-could-seek-up-to-250m-for-danish-chain-magasin-du-nord
