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Department store chain Debenhams is on the brink of collapse after bosses confirmed it has filed a notice of intent to appoint administrators, affecting around 22,000 workers.

With 142 stores closed and the majority of the 22,000 staff on furlough, the current owners want to push the business into administration then buy it back debt-free.

Debenhams explained: “This move will protect Debenhams from the threat of legal action that could have the effect of pushing the business into liquidation while its 142 UK stores remain closed in line with the Government’s current advice regarding the Covid-19 pandemic.”

Debenhams on brink of collapse putting 22,000 jobs at risk