Debenhams Plunges After Cutting Forecast for Third Time

Debenhams Plc plunged as much as 20 percent after the British department-store owner, struggling to compete with online rivals, cut its profit forecast for the third time this year and reined in spending on turnaround efforts. The latest warning deepens a U.K. retail crisis that has claimed longtime fixtures of the country’s shopping streets such as BHS and prompted House of Fraser and Marks & Spencer Group Plc to shut dozens of stores. “We have seen that the situation in the U.K. has really weakened,” Debenhams Chief Executive Officer Sergio Bucher said on a call with reporters.