Debenhams has today (April 26) announced that it will close 22 of its stores early next year.

Local shoppers who frequent the store will be pleased to know that the Reading branch in The Oracle shopping centre will remain open for the time being.

The group has announced a Company Voluntary Arrangement (CVA), which will see the affected shops continue trading until early 2020.

Debenhams went into a pre-pack administration earlier this month, wiping out the stakes of all shareholders including Sports Direct’s Mike Ashley.

Some residents at the time expressed concerns that the department store in The Oracle may be among those affected.

Creditors including landlords will have the opportunity to vote on the CVA in a process overseen by advisers at KPMG.

Jim Tucker, a senior restructuring partner at KPMG, said: “Today’s announcement marks the next phase of Debenhams’ financial and operational restructuring strategy, following the comprehensive funding package announced at the end of March.

“If approved, and with the support of lenders and landlords, the CVAs will allow the business the flexibility to implement its turnaround strategy with a store estate that reflects the current UK retail environment.”

The stores expected to close in 2020 are: Altrincham, Ashford, Birmingham Fort, Canterbury, Chatham, Eastbourne, Folkestone, Great Yarmouth, Guildford, Kirkcaldy, Orpington, Slough, Southport, Southsea, Staines, Stockton, Walton, Wandsworth, Welwyn Garden City, Wimbledon, Witney, Wolverhampton.