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Two U.K. Retail Collapses Threaten 25,000 Jobs in 24 Hours

  • Debenhams prepares to close doors, Arcadia starts insolvency
  • Country is set to lose 235,000 retail positions this year
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U.K. Retail Risks Losing 25,000 Debenhams, Arcadia Group Jobs
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The U.K. retail industry suffered one of the harshest blows yet after two of the country’s best-known retailers collapsed, putting 25,000 jobs at risk in less than 24 hours.

Debenhams said Tuesday morning it’s preparing to close its doors for good after failing to find a buyer. Late Monday, Philip Green’s Arcadia Group, which owns brands including Topshop and Dorothy Perkins, began insolvency proceedings.