Embattled UK department-store chain Debenhams was taken over by its lenders earlier in April, and now plans to close as many as 22 stores next year and reduce rents on others in a bid to stay afloat.

The retailer is seeking to shut the outlets as part of a previously announced plan for about 50 closures, while the initial shutdowns will affect about 1,200 jobs. Debenhams is also in negotiations with landlords to reduce rents and with local authorities to cut property taxes.

Debenhams is struggling under more than £700 million ($903 million) of debt and expensive leases agreed to years ago across its 166 stores in the UK.

Debenhams' statement