Jobs are at risk and stores are under threat after retail giant Debenhams went into administration.
The move was taken after a £200m rescue plan from Mike Ashley's Sports Direct was rejected.
Debenhams had already announced a restructuring plan which would see around 50 stores closing next year, but it's not yet clear whether those plans will now been accellerated.
Administrators FTI Consulting immediately sold the group's operating companies to a new entity owned by its lenders.
The process does not affect the retailer's pension scheme, suppliers, landlords or its immediate trading plans.
Debenhams' chairman Terry Duddy said: "It is disappointing to reach a conclusion that will result in no value for our equity holders.
"However, this transaction will allow Debenhams to continue trading as normal; access the funding we need; and proceed with executing our turnaround plans, whilst de-leveraging the group's balance sheet.
"We remain focused on protecting as many stores and jobs as possible, consistent with establishing a sustainable store portfolio in line with our previous guidance."
But now Debenhams has gone into administration, what does this mean for shoppers?
What about gift cards and online orders?
Eleanor Snow, consumer rights expert at Which?, told the Mirror that customers' consumer rights may be affected.
She said: "Debenhams has long been a staple of the British high street so this is a worrying time for its customers and they may find their consumer rights are affected.
"If you have gift vouchers or have bought something you are intending to return, do this now as you may not be able to do so if the store ceases trading."
However, a message appeared on some pages of the Debenhams website saying: “Debenhams is under new ownership and trading as normal. Shop with confidence - all orders, returns, refunds and gift cards are being honoured.”
Right now, the website is still working letting you trade online and Debenhams says the business will continue to operate as normal - however it's not uncommon for administrators to close down websites during transition periods to review assets, reports the Mirror.
As a result, anyone shopping online - or in stores for that matter - is advised to pay on credit card where possible, or though services such as PayPal, which can protect you if the sale later goes wrong.
Ms Snow added: "If you are planning to buy something for more than £100 in Debenhams, make sure you use a credit card so you can make a claim against your credit card company under Section 75 if anything goes wrong."
Section 75 gives the consumer a right to claim against the lender in circumstances such as misrepresentation or a breach of contract by the supplier.
