Frasers Group in talks regarding rescue of Debenhams
Mike Ashley’s Frasers Group has announced that the business is currently in talks regarding a potential rescue of the Debenhams department store chain.
The news follows a statement issued by Debenhams last week in which it said its operations would be wound down after a rescue deal with JD Sports failed to materialise. The retailer called in administrators back in the spring but has continued to operate while it looks for a buyer.
In a statement issued today, Frasers Group said: “The company confirms that it is in negotiations with the administrators of Debenhams’ UK business regarding a potential rescue transaction for Debenhams’ UK operations.
“Whilst Frasers Group hopes that a rescue package can be put in place and jobs saved, time is short and the position is further complicated by the recent administration of the Arcadia Group, Debenhams’ biggest concession holder. There is no certainty that any transaction will take place, particularly if discussions cannot be concluded swiftly .”
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