The recently refloated department store group Debenhams has been criticised in a major research note by Goldman Sachs, the bank. The 126-store retailer was ranked bottom in a league table of nine European clothing chains by the bank, which also cut Debenhams’ price target and earnings forecasts.

The retailer’s poor showing will heighten concerns that it was returned to the public arena in poor shape by its private equity owners, Texas Pacific Group, CVC and Merrill Lynch Global. “Our concern comes from underinvested stores, uncompetitive prices, cost cuts affecting service standards and a high level of promotional activity damaging the brand,” Goldman said. It was not all bad news. In a survey of 650 shoppers, Debenhams was seen as selling the second-best quality clothes, after Marks & Spencer. Overall, customers ranked Debenhams 7th out of 15 UK retailers.

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