"It's a deeply worrying time for Debenhams staff ... we stand ready to support them and are working closely with industry during these very challenging times," said a spokesman for UK Prime Minister Boris Johnson.  

No sooner had it been confirmed late on Monday that UK retail giant Arcadia Group is to call in the receivers, as the COVID-19 pandemic continues to decimate high street sales, than it was followed by the news that the department store chain Debenhams is also facing liquidation. It's the second major corporate failure in Britain in as many days, leaving up to 25,000 staff facing job losses. The collapse of two such major figures in retailing looks set to reshape high streets across the country in the years ahead. 

Meanwhile, the eurozone economy possibly worst hit by the COVID-19 pandemic has seen manufacturing fall in the last quarter. Figures just out suggest that most companies in Spain are now contracting, while the IMF has warned that it's expecting output in Spain to decline by 12.8 percent of GDP this year, worse than in any other advanced country.

In more positive news, U.S. drugs maker Pfizer and its German partner BioNTech have formally applied for regulatory clearance for their vaccine to go into use in Europe. It's raised hopes that mass-inoculation programs could begin before the end of the year. 

As eurozone members continue to debate a common policy on whether and how ski resorts may open for the winter season, CGTN Europe speaks to one resort owner in Austria who is resisting a ban, but who tells us the season is already over. 

And it may be three weeks away, but Christmas is looking to be a very different affair this year and so are Germany's traditional winter markets. Watch below to find out how market sellers are seeking to salvage some festive cheer.    

Seasons greetings! 

Louise Greenwood 

Digital news producer 

As widely expected, UK retail giant the Arcadia Group went into formal administration on Monday evening, putting 13,000 jobs at risk. The empire, which controls brands including Topshop, Wallis and Dorothy Perkins, failed to secure emergency funding to meet its debts after sales collapsed during the pandemic. The administrator, Deloitte, said "all options" are being considered to secure a future for Arcadia's many retail brands. The UK Business Secretary Alok Sharma tweeted that the government may be ready to support staff facing redundancy.

Just hours later, another stalwart of the British high street, Debenhams, announced it is also closing all 124 of its stores, after the failure of last-ditch attempts to secure a rescue package. The collapse of buyout talks with retailer JD Sports is understood to have hinged on the administration of Arcadia, which is the biggest operator of concession outlets within branches of Debenhams. 

Talks on a post-Brexit EU trade deal in Brussels are continuing to flounder, with the UK insisting on changes to fishing quotas. Westminster wants a so-called "zonal attachment," giving a total catch allowance for UK waters, a step that would deliver a larger share than at present. Writing in Britain's The Daily Telegraph newspaper, former Conservative Party leader William Hague said: "A no-deal Brexit is far more likely than anyone is prepared to admit ... If [no solution] is forthcoming from the talks it would be a failure of statesmanship." 

US drugs giant Pfizer and German partner BioNTech SE have sought regulatory clearance for their vaccine in Europe. The formal application ends a rolling review process that started in early October. Meanwhile, rival Moderna has also requested market clearance from both U.S. and European regulators. The UK looks set to invoke legislation that would allow it to bypass EU authorities, becoming the first European nation to sign off on the Pfizer-BioNTech product.

Credit Suisse has named the outgoing boss of Lloyds Bank, Antonio Horta-Osorio, as its next chair, just months after the Swiss bank and investment manager announced a $440 million restructuring plan. Horta-Osorio, a Portuguese native and the longest-serving boss of a major British bank is the first non-Swiss national to take up the post.

The latest manufacturing figures from Spain show the economy is continuing to struggle in the wake of the COVID-19 pandemic. The IHS manufacturing purchasing managers' index hit a five-month low of 49.8 last month, down from 52.5 in October, indicating a majority of businesses are contracting. Spain's parliament this week will debate budget plans centered on higher tax and spending, aimed at kick-starting growth in the post-pandemic period. 

Meanwhile, consumer prices across the EU were down 0.3 percent last month, the third time the eurozone has recorded four consecutive months of deflation. Core inflation, which excludes fuel and food costs, remained at an all-time low of 0.2 percent. Economists suggest that on current data, the period of low interest rates and bond-buying by the European Central Bank is likely to continue into 2021.   

Despite the pandemic gloom, house prices in the UK are rising at their fastest rate for six years, according to new data. The lender Nationwide says house prices are 6.5 percent higher now than a year ago, with the average UK property selling for just over $300,000, as potential buyers look to take advantage of a nine-month tax break introduced to support the market during lockdown. Data show prices are rising fastest for properties with gardens and those close to national parks.  

And revenue at the video conferencing company Zoom rose more than four-fold in the last quarter. The San Francisco-based company announced late on Monday that demand for video conferencing drove its revenue to $777 million in the three months to the end of October, up from $167 million a year ago, above analysts' expectations. Company stock is up seven-fold on the year, valuing the company at about $136 billion, as Zoom continues to be one of the biggest corporate beneficiaries of the COVID-19 pandemic.

WATCH: The cities of Dortmund, Leipzig and Braunschweig are normally alive at this time of year to the sound of sizzling sausages, steaming glühwein and busy shoppers. But not this winter. However, Christmas markets vendors are seeking to salvage both sales and festive cheer with a socially distanced alternative. Click to find out more. 

The World Health Organization has raised concern over signs that some European ski destinations plan to stay open during the festive season. Mike Ryan, executive director of the Health Emergencies Programme, has said: "We would ask that all countries look at ... reasons for mass gatherings very, very carefully". 

CGTN spoke to Andy Rose, owner of Snow Camps Europe in Kaprun, Austria on just how the ban on the piste is affecting resort business this year.

So, typically by this time of the year, I would have started work and I'd have about 60 or 70 percent of the winter booked, although at the moment I have zero bookings. This is probably because most of my clients come from the UK and they just obviously can't travel at the moment, so nobody can book anything. 

So how aligned are you and others on the seasonal influx of skiers? 

We are very reliant on the seasonal skiers. Nearly every business in our village is here for the summer and winter trade, it's tourism-based. And without the influx of skiing tourists most of us wouldn't be here. We wouldn't survive. 

What is the overall sentiment like? 

Everybody's in the same boat, to be honest, other than Switzerland, which is currently open. Everybody else is closed ... nobody can work. Hotels can't operate. Restaurants are closed, bars are closed, schools are closed. The lifts can't operate. So, yeah, we're all in a very sticky situation. And for those countries planning to open over Christmas, they will, of course, attract all the visitors, but also concentrate the risk in one place, possibly, at the moment. 

Italy, Germany and France are not going to open?

They've said they will stay closed. Austria, however, the decision on whether they will open will be based on the current COVID infection numbers. And then also what you've got to think about is, will people be able to travel into Austria without quarantine or travel back out of Austria without quarantine? The Germans, for sure, are saying even if people come across the border for one day, they will have to do a 10-day quarantine. So Austria could actually be open and empty. 

So what do you think would be the right move for the European ski industry? 

Personally, I think we should all stay closed until the middle end of January, we possibly then get a six to eight-week season before wave three and then, yeah, I would foresee yet another lockdown. 

Do you think that your business will survive this? 

For sure. We will survive it. And I do think we will get something of a ski season, even if it is just six weeks after January. We will survive. We'll get through it. It's not easy, I can tell you. And there are many businesses that will not survive.

The collapse of the Arcadia Group threatens some of the best-known names, both on the British high street and further afield. Analysts suggest that the Topshop and TopMan labels may be the most "salvageable", while suppliers and staff have described "an incredibly sad time for everyone."