Fears for jobs as department store puts print shop division up for sale
The latest casualty in the decline of the High Street has emerged as strugglig Debenhams are to sell off their entire printing division along with closing several stores. In the trade press the story of the firm's decline is only matched by the fears for its printing division in Taunton as it puts it up for sale. Magenta is integrated within the business but remains a seperate entity. With a ten million pound turnover and some 80 staff it looks like an uncertain time from the workers at the plant.
Print Monthly reports: "As an integral part of Debenhams, it is tasked with printing the vast amount of promotions, display graphics and signage for the firm in its 173 stores with a big chunk of work for instore clients and third party customers. In 2015 Magenta who print around 1m sqm of graphics a year took delivery of two Rho P10 250 HSs with three-quarter automation and roll-to-roll. They also have a B1 five-colour Heidelberg Speedmaster CX 102 with inline coating, Xerox kit including an iGen 150, a Nuvera 157 and a Color 1000 and finishing equipment including two Esko Kongsberg XL cutters.
"The sale has been triggered by a collapse in the company’s profits which are expected to fall well below £40m this year compared to more than £150m in 2013. Part of the fire sale are a chain of Danish shops the firm owns plus the closure of some of its department stores along with job losses. Sergio Bucher of Debenhams says footfall is down due to the trend to internet shopping saying there seems no end in sight to the way retailing is heading."
Do you do supply Magenta? Can the print works find a buyer? ICSM would like to know your stories - email us at icsm@icsmcredit.com and mark it for the attention of the news department. For more news and views on the printing and allied industries visit www.icsmcredit.com or call 0844 854 1850 on how to join ICSM and protect your business from bad debts. Follow ICSM on Twitter, Facebook and LinkedIn.
For more news and views on British industry or to join ICSM and prevent bad debts by getting inside credit information and early warnings of businesses in trouble visit icsmcredit.com or call +44 (0) 844 854 1850 or email icsm@icsmcredit.com
Follow and react to the story on Twitter @ICSMCredit , Facebook, and LinkedIn to have your say.