For Brits this is Huge.

Debenhams has today launched a pre-Christmas fire sale offering up to 70% off all its stock and will open its 124 shops on 'Wild Wednesday' tomorrow as it heads for oblivion after 242 years of trading with 12,000 jobs likely to go.

The department store is set to be liquidated by the new year after JD Sports scrapped its proposed rescue deal following the collapse of Sir Philip Green's Arcadia group.

The latest disaster for the UK's ailing high streets already decimated by coronavirus came as Sir Philip was urged to do his 'moral duty' and sell his £100million superyacht to support his 13,000 Arcadia staff before Christmas and bailout the £350million black hole in their pension pot.

Debenhams has said it will continue to trade in its 124 shops and online with a fire sale of its stock when the national lockdown ends tomorrow, on a shopping day being branded 'Wild Wednesday' because shops can stay open all night to claw back some of £900million-a-day economic hit caused by Boris Johnson's controversial tier system.

As boxes of goods piled up in stores to be sold off at a discount to a stampede of shoppers when they reopen tomorrow, a company spokesman said: 'On conclusion of this process, if no alternative offers have been received, the UK operations will close'. The price of handbags, shoes, boots, watches and dresses are already being slashed in price by 70% online.