Debenhams Plc tumbled after the U.K. department-store operator said its chief financial officer is leaving to join a rival, and profit will be at the lower end of an already-reduced forecast range.
At that time, the London-based fixture of the U.K.’s downtown shopping districts reported weak Christmas sales. The latest warning added to the woes of British retailers, with the U.K. arm of Toys “‘R” Us Inc. and electronics seller Maplin filing for insolvency this year after the previous demise of the BHS chain.
“The U.K. retail environment is undergoing profound change, and with the help of some important new senior hires, we are moving faster and working harder than ever to ensure Debenhams is well-placed to outperform in this new retail world,” Bucher said in a statement.
Debenhams dropped 7.9 percent to 21.48 pence at 9:20 a.m. in London, giving the company a market value of 263.7 million pounds.
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