Debenhams advisors asked potential bidders to submit business proposals on Tuesday as they seek to save the future of the 242-year-old department store chain.

Sky News understands that Lazard, the investment bank running the sale process, wants interested parties to submit bids by 5:00 pm.

The deadline comes when Debenhams’ administrator, FRP Advisory, is trying to complete the sale of the business by the end of this month or prepare for alternatives that could result in the loss of thousands of jobs.

Debenhams hires about 12,000 people in the UK who took over in April when coronavirus The lockdown has caused revenues for street retailers to plummet.

Last month, Sky News Revealed that FRP hired Hilco Capital, a liquidation specialist for troubled retailers, to oversee the liquidation of Debenhams if none of the alternatives worked.

Sources said the chain was marketed by Lazard under the codename Project Ariana and includes assets outside the UK other than Magasin du Nord, its Danish subsidiary.

In addition to over 120 UK stores, Debenhams trades at 45 locations in 17 countries in Europe, the Middle East and Asia under various franchise agreements.

Information circulated to potential buyers describes a “illustrative scenario” whereby half of Debenhams’ UK real estate will be liquidated leaving 60 stores and the business could generate up to £ 90 million in profit per year ending in February 2022 of the year.

In recent weeks, Debenhams has begun to grapple with an attempt to increase its business betting account in Swansea, which it describes as a “test case” that will shape the group’s future.

A department store spokesman said last month, “Debenhams is doing well with 124 stores reopening and cash flow is stable.

“As a result, as previously stated, Debenhams Retail Ltd administrators have initiated a process to assess how the business can exit its defensive administration.

“The administrators have appointed consultants to help them assess the full range of possible outcomes, including keeping the business by current owners, creating potential new joint ventures (with existing and potential new investors), or selling to a third party.”

The company declined to comment on the Tuesday 5:00 pm deadline for submitting proposals.

Sources insist Debenhams has exceeded expectations, as most of its stores opened in June and does not need loans for the foreseeable future.

Hilco, which briefly acquired the Oasis and Warehouse brands after they transitioned to administrative work earlier this year, also worked with Debenhams on the final closure of 18 stores this year.

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Making contingency plans to liquidate Debenhams represents another tumultuous chapter for a business dating back to 1778.

He originally came into control last spring after a bitter public battle with the Sports Direct tycoon. Mike Ashley, of which the Frasers Group became the largest shareholder.

Retail sources say Mr. Ashley is considering buying Debenhams, but with the intention of closing most of his outlets.

Throughout most of its history, Debenhams has been very profitable, becoming a permanent anchor tenant on many main streets and shopping centers throughout the UK.

In 2006, he relied on the London stock market after a period of private equity that proved lucrative for CVC Capital Partners and TPG, but which left his balance sheet saddled with unacceptable debt.

After its first administrative move, Debenhams launched a voluntary company agreement (CVA) to secure an agreement to close stores and reduce rents.