Sports Direct and Newcastle United owner Mike Ashley in talks over Debenhams

Debenhams staff are awaiting the outcome of negotiations which could see the chain saved this afternoon (Monday, April 8).

The department store's owners reportedly have a 5pm deadline on a £150million rescue deal offered by Sports Direct boss Mike Ashley. An alternative would be a pre-pack administration.

Debenhams, one of the centrepiece retailers in Bury St Edmunds, would continue to trade under a pre-pack arrangement but 50 of its 178 stores would close.

It has not been stated which of the branches would be shut.

Mr Ashley, who also owns Newcastle United Football Club, is understood to be seeking chief executive status as a condition of his investment.

He is quoted by national media as making disparaging comments about the existing board - including that they should be made to take a lie detector test.