Struggling Debenhams to remove a layer of management

Struggling high-street retailer, Debenhams is to remove a layer of back office management by March – losing one in four of its store managers.

The 320 job cuts are part of a £10million cost-saving plan, announced in January when the retailer issued a profit warning following poor Christmas trading – The Guardian reports.

Debenhams said of the profits warning that the UK trading environment was “volatile and highly competitive.”

The company said it plans to redeploy staff where possible. Debenhams full year profits were estimated to be between £55million and £65million, below City expectations of £83million. Shares also dropped by 20% - The Guardian reports.