Updated: Department store Debenhams has gone into administration after it rejected a new offer from Sports Direct owner Mike Ashley.
Its shares were suspended just before the start of Tuesday's trading, after a request from the company.
Debenhams turned down a proposal from Sports Direct’s Mike Ashley to put £200 million (€232 million) into the retailer. The offer was rejected because Mr Ashley, who holds a 30 per cent stake in Debenhams, wanted to be chief executive.
Like many other high street brands, Debenhams has been struggling for a while, issuing three profit warnings in 2018 alone. It also has a debt pile of £640 million (€743 million).
Debenhams went through a pre-pack administration, which means current shareholders would be wiped out.
And while the shops will continue trading for now, Debenhams has proposed closing around 50 branches from next year and renegotiating rents with landlords to tackle its funding problems. The company said it was not ready to release a list of which shops may be affected.
Debenhams has 165 stores, including two in Malta, and employs around 25,000 people.