FTI Consulting has been appointed as joint administrator. 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. He added: "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." This morning, the struggling department store chain said that an improved offer from Ashley to boost his support for Debenhams to £200 million for underwriting a rights issue from shareholders was not enough to persuade its lenders to halt plans to restructure the company's finances, which are due to be agreed today.