Debenhams has confirmed it has formally entered administration. It is the second time Debenhams, which employs around 22,000 staff, has entered administration in the past 12 months.
The staple of the high street has 10 stores in Wales.
Debenhams' 142 UK stores remain closed in line with government guidance and the company said it would work to "re-open and trade as many stores as possible" when restrictions were lifted.
The firm has appointed administrators from the FRP Advisory to oversee the process, after announcing it had filed a notice of intent to appoint administrators on Monday.
There are 10 Debenhams stores in Wales: Cardiff, Newport, Merthyr Tydfil, Swansea, Llanelli, Carmarthen, Haverfordwest, Wrexham, Llandudno and Bangor.
Debenhams said its Irish business, which runs 11 stores with around 1,400 staff, will cease trading as part of the move.
It said it would continue to trade online in Ireland, the UK and Denmark.
The majority of its employees in the UK are currently being paid under the Government's furlough scheme.
Stefaan Vansteenkiste, chief executive officer of Debenhams, said: "In these unprecedented circumstances the appointment of the administrators will protect our business, our employees, and other important stakeholders, so that we are in a position to resume trading from our stores when Government restrictions are lifted.
"We anticipate that our highly supportive owners and lenders will make additional funding available to fund the administration period.
"We are desperately sorry not to be able to keep the Irish business operating but are faced with no alternative option in the current environment.
"This decision has not been taken lightly and is no way a reflection on our Irish colleagues, whose professionalism and commitment to serving our customers has never been in question."
