Embattled retailer Debenhams has collapsed into administration, after the latest figure offered for its rescue was deemed insufficient.
It is understood that Sports Direct owner Mike Ashley, who holds a 30% stake at Debenhams, had put forward an offer of £200m to keep the retailer afloat, but creditors were not sure that the figure would be enough to stave off bankruptcy for long.
Debenhams currently operates 165 stores across the UK, plus a few more in Ireland. The firm is said to be saddled with a £720m debt.
The UK stores will remain open for now. It is unknown whether or not the administration process will affect Irish outlets.
More to follow…