British department store Debenhams is closing after the failure of efforts to rescue to failing the 242-year-old struggling chain. The BBC has reported that all 12,000 employees are likely to lose their jobs when the chain's 124 shops cease trading. The department store traces its roots back to 1778 when William Clark established a drapers store on Wigmore Street in the West End of London, selling fabrics, bonnets, gloves and parasols. Its current name stems from 1813 when William Debenham invested in the company, which became Clark & Debenham.

The news of Debenhams, which went into administration in April for the second time in a year, comes just hours after Topshop owner Arcadia Group went into administration.