Debenhams is facing an uphill struggle in the coming year, after posting record losses of £492m, the largest in its 240-years long history.
The disastrous result will mean the closure of up to 50 stores over the next three to five years, in an effort to save money. The closures may affect up to 5,000 jobs.
Management has also announced that it will reduce investment on an additional 20 stores.
Debenhams is the latest retailer to face dire financial straits, due to a dramatic reduction in footfall across the high street in recent times.
It is unclear whether or not any of the Debenhams outlets in Ireland will be affected.