Debenhams plc could be put up for sale amid efforts to avoid liquidation. The retailer, which has 124 stores trading including at Newcastle's Eldon Square site, Sunderland and Middlesbrough, is understood to have appointed investment bank Lazard, with a sale one of three possibilities being investigated. A spokesperson for Debenhams said: "Now that Debenhams has 124 stores in the UK open and is trading ahead of expectations, the administrators of Debenhams Retail Ltd. have initiated a process to assess ways for the business to exit its protective administration. "There are a range of possible outcomes which could include the current owners retaining the business, potential new joint venture arrangements (with existing and potential new investors) or a sale to a third party and the administrators will be guided by what delivers the best outcome for creditors".