Debenhams to close 50 stores as posts record 500 million pounds loss

LONDON (Reuters) - Struggling department store chain Debenhams <DEB.L> is closing 50 of its underperforming stores, resulting in around 4,000 job losses, as write downs in the value of its business led to a record full-year loss of nearly 500 million pounds.

The 240-year old British retailer, which has issued three profit warnings this year, said it made an adjusted pretax profit before one-off items of 33.2 million pounds, down 65 percent, but in line with its guidance

(Reporting by Paul Sandle. Editing by Andrew MacAskill)