The move opens the way for MCBD to pitch for the John Lewis account, the shortlist for which is being revealed on Friday.
It is believed that MCBD resigned the account, which it held for four years after winning it from WCRS.
Debenhams is believed to have contacted a number of agencies this afternoon to see if they are interested in pitching for its ad business.
Debenhams's was floated on the stock market in 2006, since when its share price has dropped from 195p to under 26p today.
The department store chain has not produced any TV work since late 2006, when MCBD produced a spot starring actress Jaime Murray.
No-one from MCBD was available for comment.
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