HIGH street giant Debenhams, which has a store in Haverfordwest, has today announced that it is going into administration.

In a statement, the company said they would be undertaking a review of their stores, which, if approved, would result in store closures to help reduce “rent burden”.

The company has not yet announced which stores may be closed, but the business 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.

“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 was revealed earlier today that the company had rejected an offer by Sports Direct owner Mike Ashley and FTI Consulting has been appointed as administrators.