Troubled retailer Debenhams is up for sale as it looks to avoid liquidation.

The department store chain called in administrators in April for the second time inside a year with FRP Advisory working with management on a light-touch administration, which enables the directors to continue running the business.

And they have appointed investment bank Lazard to oversee the sale process which it hopes to complete by the end of September.

A company statement said: "Now that Debenhams has 124 stores in the UK open and is trading ahead of expectations, the administrators of Debenhams Retail Ltd have initiated a process to assess ways for the business to exit its protective administration.

"There are a range of possible outcomes which could include the current owners retaining the business, potential new joint venture arrangements (with existing and potential new investors) or a sale to a third party, and the administrators will be guided by what delivers the best outcome for creditors."

Debenhams closed 18 of its shops - with 1,000 jobs going in the affected stores and its London headquarters - with the remaining 124, including Gloucester, reopening from June 15 after lease negotiations with landlords.