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Debenhams Enters Administration, Store Closures Ahead

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Debenhams Plc, the 241-year-old U.K. department-store chain that anchors many of the country’s troubled shopping streets, was taken over by lenders after rebuffing a last-minute offer from billionaire Mike Ashley. The retailer entered a form of U.K. insolvency proceedings that allowed U.S. hedge funds and other lenders to take control. Stores employing about 26,000 people…

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