The retailer currently operates 65 stores in 25 countries

The retailer currently operates 65 stores in 25 countries

UK retailer Debenhams has asked its suppliers for a 2.5% discount on stock as a "contribution" to help fund its growth.

In a letter dated 16 December, the high street retailer told suppliers the contribution would be applied to all orders from yesterday (17 December).

Debenhams CFO Simon Herrick told suppliers: "As we will mutually benefit from the growth of Debenhams we are now seeking a contribution from our suppliers to support our commitment to on-going investment."

In the letter, Herrick said the contribution would help contribute to Debenhams' expansion and refurbishment plans. This includes the modernisation and opening of new stores, including a GBP25m modernisation of its flagship Oxford Street store.

The retailer currently operates 65 stores in 25 countries, with 24 new stores expected to open over the next four years.

For its full-year, reported in October, the retail group booked a decline in full-year pre-tax profit. Total gross sales rose 2.5% in the year to 31 August, but pre-tax profits fell 2.7% to GBP154m.