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Debenhams plans to close 22 stores next year, putting about 1,200 jobs at risk, under a scheme designed to put the ailing British retailer on a stable financial footing. Debenhams’ lenders took control of the retailer earlier this month in an effort to keep stores open, a deal which wiped out the company’s shareholders,
US retail sales increased by the most in 1-1/2 years in March as households boosted purchases of motor vehicles and a range of other goods, the latest indication that economic growth picked up in the first quarter after a false start.
Japan’s industrial output rebounded more than expected in July, but retail sales declined sharply and production was set to contract again next month, signalling a bumpy road for an economy facing growing global strains.
J.C. Penney reported a smaller-than-expected quarterly loss on lower ad spending and higher margins, results Chief Executive Jill Soltau said showed efforts to revive sales and profits at the department store are taking hold.