Debenhams stores across the country are set to close - including their branch in Stevenage - after rescue talks failed.

Throughout the UK, more than 12,000 jobs are at risk at the 124 branches, including staff at the north Herts store.

The news comes after JD Sports pulled out of summit discussions following the collapse of Debenhams biggest concession operator, Arcadia.

A statement issued by the retail giant said: "The website is trading as usual and stores will be open in line with local government guidance.

"We are accepting orders and processing refunds and returns as normal.

"We continue to accept credit cards, store cards, gift cards and Beauty Club rewards as forms of payment."

Why is Debenhams set to close?

The most immediate answer has to be the suggestions that JD Sports walked away from bidding for Debenhams because of the collapse of Arcadia.

However, it is fair to say the pandemic has put a squeeze on the British High Street like no other crisis, meaning falling revenues and a lack of footfall through two lockdowns.

Yet, while Covid may have accelerated the crisis in retail, Debenhams problems predate coronavirus.

Debenhams sad story has been described by retail experts as one of a lack of agility in a rapidly changing retail market, with an inability to adapt, amplified by property deals its owners undertook before online shopping become the biggest driver of sales.

Details behind the sad demise of Debenhams

Prior to the announcement, Debenhams had already entered into administration for a second time - and is now set to enter liquidation, also known as winding-up - meaning it will cease to exist as a company.

The retailer founded in 1778 had drastically slashed its store portfolio and stock, shedding more than 6,00 jobs since the spring as it desperately fought to stay alive.

However, the administrators said the restructured operation's future was 'highly uncertain' - and they had therefore 'regretfully concluded' Debenhams will be wound-up.

Debenhams first administration set the tone

Debenhams' initial 2019 administration completely wiped out shareholders, and forced an initial raft of many store closures, while slashing its staff numbers from 25,000 in March 2019 to around 12,000 now.

Last year's collapse was triggered by Debenhams' £560m debt, which came from private equity owners before it was floated on the stock market in 2006 - with one banker explaining that Debenhams was a 'bomb waiting to go off'.

Such a debt pile, added to long leases on high street stores, didn't give Debenhams a chance to innovate or keep pace with online competitors.

Debenhams at Roaring Meg

The Debenhams shop in the Roaring Meg Retail Park only opened three years ago, in August 2017, and had been noted for strongest sales increase across all of their shops.

However, after falling into administration for the second time in the spring - and with no other bidders interested in saving the renowned company - staff across its 124 stores face an uncertain future.

Debenhams will want to cash in on pre-Christmas consumer demand by liquidating their stock.

They will continue to remain open until the new year, hoping for as many customers through their doors, to make as much money as they can until early 2021.

What happens next?

The 12,000 jobs are set to go over the coming months unless the administrators do a deal with a new suitor.

However, with no shining knight on the horizon, Hilco, the restructuring firm which specialises in winding up retailers, will start going into stores on Wednesday to begin clearing stock.

With Debenhams to be wound down and Arcadia in administration, many retail experts have labelled this week one of the darkest for the great British High Street - and one that will have many in Hertfordshire and up and down the country questioning the future of town centres.

The Covid crisis appears to have finally beaten one of the biggest retail names in the country.

Debenhams, which started life as a humble store in central London 242 years ago, has survived two world wars, depressions and recessions - but has succumbed to the coronavirus pandemic.