Debenhams has been placed in administration with the future of the chain's Ayr store uncertain.

The chain's chief executive said this was 'disappointing' after the company earlier requested its shares be suspended with immediate effect.

It said its underlying business has access to £200m funding and that "Debenhams' operations continue to trade as normal" as the pre-pack administration arrangement emerged.

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."