Shares of Debenhams Plc fell about 12 percent on Tuesday, after the department store chain withdrew its previous full-year outlook, saying talks with stakeholders to restructure its balance sheet would likely be disruptive.
Once the country's biggest department store operator, Debenhams has reported a string of profit warnings as it failed to keep pace with consumers moving online and to cheaper outlets.
The company, which said in January it was on track to hit an annual profit target of 8.2 million pounds, said on Tuesday that the outlook was no longer valid.
Debenhams said talks with stakeholders had now progressed to include options to restructure its balance sheet to address its future funding requirements. It had in February secured 40 million pounds in extra funding from some lenders.