As high street department store Debenhams falls into administration, thoughts have turned to what this could mean for the future of the business.
The company said in October 2018 that it would be looking to close around 50 stores over the next few years, but this may come sooner than expected according to one retail expert.
Nelson Blackley, a retail research associate at the Nottingham Business School, said that with decisions in the hands of the lenders, they would be likely to move more quickly on making closures across the current 165 stores.
Debenhams went into pre-pack adminstration on Tuesday, April 9, wiping out the value of shares in the company.
A bid made by billionaire Mike Ashley for £200 million would have delayed the inevitable, but lenders claimed the proposal, which included making Mr Ashley chief executive, were 'not sufficient'.
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Mr Blackley added: "Today's events basically means the closures are likely to come sooner rather than later.
"Lenders will be looking to recoup the money they have lent and will look to sell either some or all of the business.
"These new owners have no long term ambition in retail, and it is such a competitive market in the UK.
"With trading being poor, there has been no money to invest into the old buildings."
Mr Blackley also noted that whilst there was no confirmed closures, that the Nottingham store was 'not fit for purpose'.
"The Nottingham store is one of the worst examples for where Debenhams has gone wrong - it's around 200,000 square feet, and not fit for purpose," he said.
"It's not easy to maintain, to heat, to reconfigure, or for customers to navigate.
"If you look at its location too, despite being in the Market Square, it is not actually close to any other retail sites, or on the main consumer pathway, which is echoed in other cities.
"I think the five or six newer stores may survive, because they have been built for the 21st century."
Mr Blackley described the growing trend in failing department stores, stating that without 'unique experiences' many were doomed to follow the same path.
"Debenhams are following a similar path to House of Fraser, and now Marks and Spencer and Boots are also experiencing similar problems.
"High end stores with more manageable number of stores, such as Harvey Nichols and Selfridges tend to do better because they are providing customers with a more unique experience.
"Debenhams was also slow to come to the online market, and they haven't monitored the consumer trade."
Looking forward, the retail expert described his thoughts on the company's next steps, stating that for now, business would run as usual.
"Today's news doesn't really change anything," he said.
"If you've got huge debt, there's not much you can do.
"But with them being out of the public eye, now they're not on the stock market, who knows what could happen.
"But I have no doubts that the owners will accelerate store closures.
"In this instance, you really have to feel sorry for the 28,000 staff that are reading this news, and are concerned for their futures."
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Nottingham shoppers shared their reaction to the news.
James Clark, 42, IT Project Manager said: "Debenhams has been here forever, but I bet the debtors are going to get as much as they can get from selling off the business so I doubt they'll keep many shops.
"I'm surprised similar shops like Marks and Spencers haven't gone out of business.
"I don't think they are keeping up with the times, with online shopping I don't see how big expensive shops like this can afford to keep going."
Laura Homes, 52, teaching assistant said: "Debenhams closing is inevitable because online shopping means people don't have to go in to buy things.
"They always seem to have a sale on so I don't know why you would go in and pay full price for something.
"I just went in, walked around and didn't buy anything. I would much rather shop online because then I can just do it on my tablet at home and if it doesn't fit I can just send it back for free."
George White, 21, unemployed said: "I wouldn't be that sad to see it go.
"To be honest, their problem is the price. I don't know why you would shop there when you can go somewhere cheaper.
"I don't know what they could do with the premises, but it would make a pretty good nightclub or something like that. "
Feargus Carney, 20, student at Nottingham Trent University said: "I have never been bothered with big businesses closing, but I do wonder about what will replace it.
"I don't really associate Debenhams with Nottingham or the square but it is a nice building with nice architecture so I suppose it would be sad to see it empty."
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