London — The UK retail industry has suffered one of the harshest blows yet after two of the country’s best-known retailers collapsed, putting 25,000 jobs at risk in less than 24 hours.

Debenhams said on Tuesday morning it’s preparing to close its doors for good after failing to find a buyer. Late on Monday, Philip Green’s Arcadia Group, which owns brands including Topshop and Dorothy Perkins, began insolvency proceedings...

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