Debenhams put into administration with its lenders taking control of the company
It has just been announced.
Sky News has reported that Debenhams has officially been put into administration. It's lenders have now taken control of the company.
According to RTÉ, this morning it was announced that an overnight rescue plan was rejected. The rescue plan was worth £150 million.
The company said this morning that it was talking to its lenders about accessing more debt, however the plan swiftly went out the window.
Only two months ago, it was announced that the chain was set to close 90 stores across the UK and Ireland.
Meanwhile, in October we reported that Debenhams would be closing up to 50 UK stores with 4,000 jobs at risk after the company made a loss of over £500 million. But now, the closure looks even bigger, as The Telegraph reported that another 40 stores will potentially close, with the retail giant believing they won't deliver further return on investment.
There is no confirmation on what they next steps are for the company.