LONDON (Reuters) - Lenders in Debenhams took control of the ailing British retailer on Tuesday after it went into administration, wiping out shareholders including billionaire Mike Ashley who failed in his own attempt to take over the company.

Marking the latest corporate failure to hit the British retail sector, Debenhams has been battling with a sharp slowdown in sales, high rents and ballooning debt. Its stores will keep trading as the lenders seek to refinance and restructure the business by closing underperforming stores.