Debenhams has requested that its shares be suspended with immediate effect, pending a further stock exchange update.
It comes as Mike Ashley's Sports Direct made a revised £200 million offer for Debenhams, against the backdrop of the department store's likely administration.
The offer involves underwriting a rights issue which would see existing investors buying newly issued shares and is an advance on an £150m plan tabled on Monday, which was rejected.
Under Mr Ashley's latest proposal, Debenhams' lenders would have to agree to write off £82m of its £720m debt mountain, as well as install the tycoon as chief executive.
READ MORE: Debenhams ‘is now preparing to go into pre-pack administration’
Debenhams said in a statement: "The board confirms that it received a revised, highly-conditional, proposal from Sports Direct in the early hours of 9 April, which indicated a willingness of Sports Direct to underwrite an equity issue of £200m.
"The company's lenders have confirmed to the company that the proposal, on the terms set out, was not sufficient to justify an extension to the 8 April deadline.
"The company anticipates making a further announcement during the course of the day following further discussions with its lenders."
READ MORE: Debenhams on brink of administration: Everything we know so far
Debenhams is now widely expected to fall into administration and the retailer's lenders seize control of the company in a move tipped to trigger store closures and job losses.
Shareholders such as Mr Ashley's Sports Direct, which holds a 30% stake, will see their investments wiped out.
The pre-pack administration would see its debt reduced and comes ahead of a wider restructuring which will see around 50 stores close via a Company Voluntary Arrangement.
Sports Direct added on Tuesday that it is continuing to "actively evaluate" a conventional takeover, priced at 5p per share.
Hornby is to post another loss this year after sales at the model rail toymaker were hit by stock shortages.
The group, which is also behind the Scalextric and Corgi brands, said that revenue for the year is set to come in lower than last year's £35.7 million because of a shortage of stock arriving on time and in full in the first half.
"We have previously discussed the difficulties caused by technical specifications and purchase orders being sent to the factories late in 2017," the firm said.
However, Hornby added that its underlying margins have improved and a reduction in cost overheads has continued, meaning the annual loss will be significantly lower than last year's £7.6 million.
Cake Box has reported a rise in full-year sales as the retailer continues to enjoy stellar growth.
The firm, which debuted on London's junior market in June, said like-for-like sales grew 6.5 per cent in the year to March 31, with total revenue set to rise 30% to £17.1 million.
It expects profits for 2019 to be in line with current market expectations.
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