Chain store Debenhams could fall into administration in the next few days as a result of the ongoing coronavirus pandemic.
Some 142 stores and its 22,000 workers are at currently at risk, after the retailer confirmed it was “making contingency plans” in a bid to secure its future after the lockdown was lifted and stores could reopen.
The Nottingham branch of Debenhams is in a prominent spot in the city's Old Market Square.
Sources have told the Press Association that administration is the “most likely” course of action for the 242-year-old chain although it has not yet filed for insolvency.
Sky News also reported the retailer had lined up accountancy firm KPMG to handle the process but it declined to comment when approached by Nottinghamshire Live.
Debenhams has already notified suppliers of a delay to payments and has requested a rental holiday from landlords.
A spokesman for the company said: “Like all retailers, Debenhams is making contingency plans reflecting the extraordinary current circumstances.
“Our owners and lenders remain highly supportive and whatever actions we may take will be with a view to protecting the business during the current situation.
“While our stores remain closed in line with Government guidance, and the majority of our store-facing colleagues have been furloughed, our website continues to trade and we are accepting customer orders, gift cards and returns.”
Debenhams furloughed store staff after it was forced to close its stores temporarily following the Government-mandated shutdown.
The business has closed 22 shops in recent months as part of plans to shut 50 sites and reduce the size of its estate.
