High street giant Debenhams has confirmed it has gone into administration.
The UK retail store has departments in Hemel Hempstead and Watford, which was refurbished in September 2018.
Debenhams has 166 stores which will stay open despite around 50 branches which had already been earmarked for closure.
Lenders have now acquired all of its assets as part of the pre-package administration process.
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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.
“In the meantime, our customers, colleagues, pension holders, suppliers and landlords can be reassured that Debenhams will now be able to move forward on a stable footing. I would like to thank them all for their recent and continuing support.”
It has not yet been confirmed if the branches in Hemel Hempstead and Watford will close
A spokesman for the Debenhams Pension Schemes said: “Debenhams Retail Limited has been transferred to a newly-incorporated company and continues to trade and operate as normal. Members can therefore be reassured that the schemes are carrying on as usual.
“The trustees have worked with our specialist advisers throughout the process of the company’s refinancing and restructuring, to ensure that members’ interests are taken into account and we have consulted closely with The Pensions Regulator and the Pension Protection Fund at every stage.
“We are in the process of writing to all members with further information and we will continue to keep them informed.”