Debenhams has been placed into administration and the retailer's lenders have seized control of the company.

The brand, which has 165 stores nationwide, will initially continue to trade, although about 50 branches had already been earmarked for closure in the future.

It is not known what it will mean for the store in Slough.

The department store rejected last-ditch rescue offers from Mike Ashley's Sports Direct, which has been locked in an acrimonious battle for control.

FTI Consulting has been appointed to carry out the process but the firm insisted that stores will continue to trade as normal.

Administrators have sold the group to a newly-incorporated company controlled by Debenhams' lenders, including hedge funds thought to include Alcentra, Angelo Gordon and Silver Point Capital.

Chairman Terry Duddy 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."

Earlier in the day, Mr Ashley's Sports Direct had made a revised £200 million rescue offer for Debenhams, delaying the department store's administration.

The offer involved underwriting a rights issue which would have seen existing investors buying newly-issued shares and was an advance on an £150 million plan tabled on Monday, which was rejected.

Under the proposal, Debenhams' lenders would have had to agree to write off £82 million of its £720 million debt mountain, as well as install the tycoon as chief executive.

Lenders to Debenhams said the proposal, on the terms set out, was "not sufficient".

Under new ownership, Debenhams will have access to £200 million in emergency funding.

Debenhams employs about 25,000 people. As well as the planned closures, it has also been renegotiating rents with landlords to tackle its funding problems.

It has not released a list of which shops may be shut.

In February, it was revealed that the closure of 20 of those stores could be brought forward if the retailer took out a company voluntary arrangement (CVA), a form of insolvency that can enable firms to seek rent cuts and close unwanted stores.