Mike Ashley’s Frasers Group has said it is in talks with Debenhams to save the department store’s UK’s operations.
Frasers said that time is short and that the recent administration of Topshop-owner Arcadia, which is also Debenhams’ biggest concession holder, has complicated things further.
Last week, fears were raised about the futures of both Debenhams and Arcadia, potentially putting tens of thousands of jobs on the line.
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.”
