As the group plan to close up to 50 stores, is it curtains for another major city centre department store?

First House of Fraser, now Debenhams on Market Street could be the next to face the chop.

News has broke today that up to 50 Debenhams stores could be closed over the next few years, with the estimated loss of around 4,000 jobs.

No news yet whether Manchester's Market Street store is safe (or stores in Oldham, Bolton, Bury, Wigan, Stockport or Altrincham), but the group say under performing stores from the retailer's 165-strong portfolio will be targeted.

Following a series of profit warnings, the retailer has reported it's biggest loss in it's 240-year history - £491.5m in the year to September.

18 05 25 Blow Ltd Debenhams
Blow Ltd inside Debenhams on Market Street

“It has been a tough year for retail in 2018 and our performance reflects that,” chief executive Sergio Bucher told the Retail Gazette.

“We are taking decisive steps to strengthen Debenhams in a market that remains volatile and challenging.

"We are taking tough decisions on stores where financial performance is likely to deteriorate over time."

It has been a turbulent year for the British high street, with groups including House of Fraser, John Lewis and Marks & Spencer all reporting difficulty.

Bucking the trend though is Uniqlo, who will open a new northern flagship store on Market Street in 2019.