Mike Ashley’s Frasers Group has confirmed it is in talks with Debenhams to save the department stores' UK operations.
The chain is set to close all stores, including the four floors of fashion and homewares in Nottingham's Long Row, by the end of next March.
Around 12,000 jobs are at risk nationally after administrators failed to find a buyer for the business.
Frasers said time is short and the recent administration of Topshop-owner Arcadia, which is also Debenhams’ biggest concession holder, has complicated things further.
In a statement to the stock exchange, Frasers 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.”
