Debenhams has said it is "making contingency plans" in a bid to secure the future of the retailer, following reports it is preparing for administration.

The company has put administrators on "standby", Sky News reported.

A Debenhams spokesman said: "Like all retailers, Debenhams is making contingency plans reflecting the extraordinary current circumstances."

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It said: "Our owners and lenders remain highly supportive and whatever actions we may take will be with a view to protecting the business during the current situation.

"While our stores remain closed in line with Government guidance, and the majority of our store-facing colleagues have been furloughed, our website continues to trade and we are accepting customer orders, gift cards and returns."

The statement came as it was reported that 22,000 jobs were at risk as the company "prepared to file for administration".

The news comes days after the store moved to place workors on furlough after its 142 outlets were temporarily closed due to the outbreak.

It was also reported the company made the move to seek protect the business from creditors as it bids to restructure the business during the Covid-19 pandemic.

BAE Systems has said it expects "more significant disruptions" to business as it enters the second quarter of the financial year, after an opening three months where the coronavirus pandemic had little impact.

The company said it was continuing to assess the situation and would update shareholders on whether to expect a dividend in July when it releases half-year results.

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The defence firm will also take a decision on how much to pay its directors at that point. Many other London-listed companies have announced their top management and boards will take pay cuts while the crisis lasts.

"As the second quarter commences, we are seeing more significant disruptions," the company said.

It added: "In the first quarter of 2020, the pandemic has had no material impact on the financial performance of the group."
Recently, BAE systems has won contracts to supply self-propelled howitzers and a missile-defence system, and repair US ships.

It said the company's annual shareholder meeting will not be held in person, as groups of more than two people are banned from meeting up. Instead, shareholders can vote online and in the post.

BAE said: "The company is in a strong position with a large order backlog, mainly consisting of long-term Government contracts across a wide international customer base."

Many staff are working from home during the pandemic and sites have reduced their operational levels, BAE said.

It added that is proposed acquisitions of Collins Aerospace's military global positioning system business and Raytheon's airborne tactical radios business will still go ahead in the coming months. The financing is already in place.

BAE said: "Whilst the Covid-19 pandemic will impact our previous guidance for 2020, at this stage it is not possible to predict either the duration of the disruption or its impact on the 2020 outturn. A further update will be provided when appropriate."

The chief executive of funeral provider Dignity has stepped down with immediate effect and the company may have to close some branches and furlough workers, even as deaths are set to soar from the coronavirus outbreak.

Mike McCollum agreed with the board on Friday that it is "an appropriate time for him to hand over as chief executive officer as the business approaches a strategic crossroads", Dignity said.

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The process to find a new chief executive Officer has started, and in the interim Clive Whiley, who was appointed as non-executive chairman last year, has agreed to temporarily step up to the role of executive chairman.

It added that mourners may be prohibited from holding services in church, as the coronavirus pandemic continues. It also means that many may choose to buy stripped-down funerals, hitting Dignity's income per funeral and cremation.

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