Video LoadingVideo UnavailableClick to playTap to playThe video will auto-play soon8CancelPlay now Debenhams stores are set to close after last-ditch efforts to rescue the ailing chain collapsed.   Around 12,000 jobs hang in the balance, after the department store confirmed plans to start winding down its operations were 'underway'.  The 242-year-old retail chain said its administrators had "regretfully" decided to start its liquidation process, while continuing to seek offers.  Debenhams said it would continue to trade through its 124 UK stores and online to clear its current and contracted stocks.  But the company warned they would be forced to close if a buyer is not found.  The news is a major blow for the Bullring, where the store occupies a huge 19,230 sq metre unit.  Of its 126 stores nationwide, Debenhams also has branches at Merry Hill, Walsall, Redditch, Lichfield and Telford.  This is a breaking news story, we will be bringing you updates.Key EventsDebenhams to launch 70% off 'fire sale'15:24UK mainstay for 242 years13:22Debenhams' rollercoaster13:1215:43Wild Wednesday Dubbed ‘Wild Wednesday’, December 2 is set to be one of the busiest shopping days of the year as retailers return from lockdown with new 24-hour trading times in a bid to claw back the £900million lost a day as a result of covid-19 restrictions. Images inside Debenhams on Oxford Street show stock ready to be sold at a cut price as administrators Hilco prepare to wind down the company. Shoppers are being urged to spend gift cards and return any unwanted goods with the chain likely to be liquidated by the end of 2020. Hilco told Mirror Money “UK operations will close” if no new offers come forward. It comes on the worst day for retail since the pandemic hit, with a bloodbath of more than 20,000 jobs placed at risk in less than 24-hours.15:24KEY EVENTDebenhams to launch 70% off 'fire sale' Debenhams is reportedly preparing its last ever Christmas blow-out after last ditch attempts to save the ailing department store fell through on Tuesday Morning. JD Sports, which was tipped to rescue the 242-year-old department store, said it’s no longer interested after Arcadia, which is worth £75million a year to Debenhams, collapsed. The chain is now preparing a 70% off pre-Christmas clearance in what’s expected to be the last ever sale across its remaining 124 stores. The company said it will continue to trade on the high street and online with a fire sale of its stock when England’s national lockdown ends tomorrow.14:59Debenhams statement A spokesman for JD Sports said:  JD Sports Fashion Plc, the leading retailer of sports, fashion and outdoor brands, confirms that discussions with the administrators of Debenhams regarding a potential acquisition of the UK business have now been terminated. In a statement Debenhams said:  Debenhams confirms that its administrators, FRP Advisory, have concluded the initial sale process that was part of their assessment of options for the UK business

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