Debenhams is expected to make an announcement later today on the future of the company after lenders rejected a £150million rescue plan from Sports Direct tycoon Mike Ashley.

This morning Debenhams has asked the Financial Conduct Authority to temporarily suspend its shares.

Should Debenhams enter administration, it is expected to be as part of a pre-package deal which means jobs aren’t at any immediate risk.

The retailer is still yet to confirm which of the fifty stores are set to be closing after an earlier announcement.

Shoppers will still be able to spend their gift cards in any one of the stores .

 

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