Debenhams has confirmed plans to start winding down its operations after rescue talks with JD Sports collapsed.The 242-year-old department store chain said its administrators have "regretfully" decided to start its liquidation process, while continuing to seek offers.Debenhams said it will continue to trade through its 124 UK stores and online to clear its current and contracted stocks.But the company warned they would be forced to close if a buyer is not found."On conclusion of this process, if no alternative offers have been received, the UK operations will close," Debenhams said in statement.Around 12,000 jobs are thought to be at risk.
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