25,000 jobs at risk as debenhams closure follows topshop collapse

Debenhams, Britain’s biggest department store chain, is permanently closing its UK operations. The announcement came less than 24 hours after Topshop owner Arcadia filed for bankruptcy protection. Together, the business failures put 25,000 UK jobs at risk. Debenhams, which collapsed into administration in April for the second time in 12 months, said in a statement on Tuesday that it has been unable to find a buyer and will begin to wind down operations. Its 124 UK outlets and online store — employing 12,000 people — will trade to clear stock, after which they will close if no other offers for the business have been received. Read more at CNN Business.