The retailer rejected a last-minute €230 million rescue offer by Sports Direct.
Debenhams has gone into administration and been taken over by its lenders.
The UK department store chain will keep trading, but loss-making shops are expected to close early next year.
Sports Direct's Mike Ashley, who owns 30 per cent of the company, put forward a €230 million rescue offer in an attempt to take full control of Debenhams.
But the board rebuffed the billionaire businessman in favour of an alternative plan.
The Journal.ie reports that Debenhams Ireland has reassured staff and customers that its operations here will not be affected by the news.
It operates 11 stores across the country employing 1,300 people.
