Debenhams plc said on December 1, 2020, it will start liquidating its business - which counts around 12,000 workers - after a potential buyer of the company pulled out. The department store chain said administrators had decided to start winding down operations while continuing to seek offers for all or parts of the business. JD Sports Fashion plc (LSE:JD.) had been mulling an offer for Debenhams, which like others in the U.K. retailing sector has seen business collapse in 2020 during the coronavirus pandemic. However, JD Sports is thought to have pulled out after Arcadia Group, the sprawling retail empire of billionaire Philip Green, went into a type of bankruptcy protection late November 30, 2020. Arcadia is the biggest operator of concessions in Debenhams department stores. Debenhams said it will continue to trade through its 124 U.K. stores and online to clear its current and contracted stocks. On conclusion of this process, if no alternative offers have been received, the U.K. operations will close, the company said in statement.