UK’s retail giant, Debenhams is closing down

(BBC) – Debenhams stores are set to close after the failure of last-ditch efforts to rescue the ailing store chain.

It means all 12,000 employees are likely to lose their jobs when the chain’s 124 shops cease trading.

The news comes just hours after Topshop owner Arcadia fell into administration, putting 13,000 jobs at risk.

Debenhams itself had been in administration since April. Hopes of a rescue were crushed after the last remaining bidder, JD Sports, withdrew.

Staff were told the news on Tuesday morning.

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