DEBENHAMS has announced it will be closing up to 50 of its stores over the next five years.

The popular department store, which has a branch in Colchester, announced the closures after they saw a £491.5million loss this year.

It is the biggest loss in the store's 240-year history.

It is thought some 4,000 jobs will be at risk.

Chief executive Sergio Bucher told other media it has been "a tough year for retail" and he is taking “decisive steps to strengthen Debenhams in a market that remains volatile and challenging".

Stores to close will be those where financial performance is likely to deteriorate over time.

Bosses are not revealing which stores will be closing at this time.

A Debenhams spokeswoman said: “We have identified up to 50 stores, accounting for under 15 per cent of total sales, which are currently profitable, but where we do not see a long term future and which we intend to exit over the next three to five years.

"This is an ongoing five year programme and we are not disclosing a list of these stores.”