The retailer warned on profits for the third time in six months in June TOLGA AKMEN/AFP/GETTY IMAGESDebenhams has had its credit rating downgraded by Moody’s in a further setback to the struggling department store. The ratings agency said that it had changed the retailer’s status from B1 to B2 because of a deterioration in its profitability and declining in-store sales in the UK that had not been offset by international sales. David Beadle, vice-president at Moody’s, said: “The negative outlook factors in the possibility of a further drop in profits or weaker liquidity.”Debenhams was founded as a draper’s shop in London in 1778, but the company has had a turbulent time in the past 15 years, during which it was bought by private equity groups and then re-listed in 2006. Today it has more than 250 shops worldwide and employs…

Source: The Times August 01, 2018 15:56 UTC