The department store chain has also reported annual losses of almost £500million, compared to profits of £59million the year before.
Boss Sergio Busher said the company was "taking tough decisions" on stores where financial performance was likely to go south over time.
Mr Bucher also told the BBC that the stores earmarked for closure were "currently contributing positively" to the business, but added: "However, rolling forward current trends, we do not believe they will remain profitable in future years and therefore we intend to exit these stores over the next 3-5 years".
Last month, a series of reports indicated the company was considering a company voluntary arrangement (CVA), an insolvency procedure which allows businesses to cut rent costs and close stores which are under-performing.
A CVA allows struggling companies to continue trading while making a plan to pay off debts.
Why is Debenhams closing some of its stores?
It's believed to be a combination of increasing rents, business rates and the rise in online shopping.
Richard Lim of Retail Economics, told the BBC that Debenhams is operating in the part of the market under the most intense amount of pressure.
He said: "Put simply, department stores are incredibly expensive to run. The combination of too much space, inflexible leases and spiralling operating costs are set against a backdrop an accelerating behavioural shift towards online and experiences.
"This is eroding their profitability and changes in the business need to occur at a pace if they are to survive."
Which stores are closing?
It's not yet clear which 50 stores – out of 240 – will be closing, but it would affect around 4,000 jobs.
Earlier this year, Debenhams said it planned to close ten stores – and it has also already axed around 320 jobs.
Yesterday, the future of Gourmet Burger Kitchen (GBK) was thrown into doubt as the fast-food chain earmarked 17 restaurants for closure – affecting 250 jobs.
WHSmith has also revealed plans of store closures after a fall in its yearly profits.
Earlier this month, clothing chain Coast fell into administration putting nearly 300 people out of jobs.
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