Debenhams has announced today that they are going into administration after rejecting a £200m rescue offer from Mike Ashley’s Sports Direct.
Debenhams is one of three department stores in Bournemouth, and now the future for the store is uncertain, as up to 50 stores across the country face closures, but it is unknown which stores are in danger.
Mike Ashley upped his offer from £150m to £200m on Tuesday morning, but this last minute bid was again rejected.
The lenders have now taken control of the company, wiping out shareholders investments, including Sports Direct, while they try and sell on to new owners. But this still could mean store closures and job losses.
Debenhams have said they will continue to trade as normal, but for anyone worried about what comes next, MoneySavingExpert are releasing advice which you can read here.
Main image: © Lewis Clarke (cc-by-sa/2.0)