The restructuring firm Hilco Capital has been appointed to work on ‘contingency plans’ with the department store chain, it is understood, should a sales process not work out The high street giant has 124 stores, including one in Sheffield city centre and another at Meadowhall, and employs a reported 14,000 staff across the UK. Why 'Monday is the new Saturday' for Sheffield’s pubs, cafés and restaurants as diners Eat Out to Help Out It collapsed into administration four months ago and announced plans to axe 2,500 jobs throughout its stores and warehouses earlier this week. A source close to the company said administrators were required to have liquidators on standby ‘in the unlikely event that all other options for the business do not materialise’. A spokesman for the chain said: “Debenhams is trading strongly, with 124 stores reopened and a healthy cash position. City comes to standstill for traveller funeral of 'King of Sheffield' PICTURE GALLERY “As a result, and as previously stated, the administrators of Debenhams Retail Ltd have initiated a process to assess ways for the business to exit its protective administration. “The administrators have appointed advisers to help them assess the full range of possible outcomes which 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.” Hundreds of jobs have already been lost at the more than 200-year-old retailer since the start of lockdown after it permanently shut 18 stores. Wizz Air launches SEVEN new destinations you can fly to from Doncaster Sheffield Airport In April, it hired administrators from FRP Advisory in a protective measure against creditors demanding their money. Hilco Capital has been contacted for comment.