On Tuesday, the well-known British retail chain Debenhams commenced the process of liquidation, posing a significant threat to around 12,000 jobs.

Founded in 1813, Debenhams entered creditor administration in April following substantial losses incurred during the COVID-19 pandemic lockdowns in the UK.

The company confirmed its liquidation plans after British sportswear retailer JD Sports halted discussions regarding a potential acquisition.

In an official statement, Debenhams announced that its 124 stores across Britain will continue to operate for stock liquidation purposes, with some locations expected to reopen later this week as lockdown restrictions ease.

Additionally, Debenhams clarified that its Danish subsidiary, Magasin du Nord, which was put up for sale in September, will continue to function independently.

A spokesperson for the Debenhams management team indicated that no employee layoffs have taken place as of yet.

The company further reiterated that it continues to welcome offers for its business operations, either in full or in part.