Retail giant Debenhams has been placed into administration in a move that is expected to trigger store closures and job losses.
Debenhams' lenders have seized control of the company, and store closures and job losses are now expected as part of a wider restructuring process that will see approximately 50 stores shut via a Company Voluntary Arrangement.
The retailer has two large stores in Leeds, one in the city centre and another in the White Rose Centre - it is unclear whether either store will be affected at this stage.
But, store bosses insist that the stores will continue to trade as normal for now.
Terry Duddy, Debenhams chairman, 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 deleveraging 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.
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