Earlier today (April 9) the department store rejected a £200million offer from Sports Direct and is now on the brink of falling under the control of its lenders.
It means the future of 25,000 jobs and 165 stores in the UK, including the store at the Leamington Shopping Park, is uncertain.
It is expected that Debenhams could close 50 of its stores in the future.
Sports Direct’s CEO Mike Ashley reportedly offered a £150m lifeline deal to the company on Monday in exchange for becoming CEO, but this was rejected.
Today, the department store turned down a new £200m deal by the billionaire, who also already owns 29 per cent of Debenhams shares.