Debenhams set to shut down without alternative offer, threaten 12,000 jobs

Debenhams said it had no choice but to start winding down the business, given the prolonged effects of the pandemic

The U.K. retail industry suffered one of the harshest blows yet after two of the country’s best-known retailers collapsed, putting 25,000 jobs at risk in less than 24 hours. Debenhams said Tuesday morning it’s preparing to close its doors for good after failing to find a buyer. Late Monday, Philip Green’s Arcadia Group, which owns brands including Topshop and Dorothy Perkins, began insolvency proceedings.

Both retailers have anchored malls and main streets across Britain for decades and operate about 600 stores combined. U.K. retailers have suffered a double whammy: the pandemic hit as many were struggling to adjust to online competition.