The Fraser Group has confirmed that he is with Debenhams for a potential rescue contract.
After department stores fell into control last week, Mike Ashley’s Fraser Group said it is in negotiations to rescue a retailer that employs 12,000 people.
In a statement, the group said: “The company is confirming that it is in negotiations with managers of Debenhams’ UK operations regarding a potential rescue transaction for Debenhams’ UK operations.
“The Frasers Group hopes to implement rescue packages to save jobs, but the time is short and the recent management of Arcadia Group, Debenhams’ biggest concession holder, has made it even more complicated. It is not certain that a transaction will take place, especially if the discussion cannot be concluded quickly.”
Mike Ashley previously built a 29% stake in the department store. This was wiped out when the group fell into control last year. Ashley also owns House of Fraser, which he bought when the group collapsed.
Last week, JD Sports had a discussion to rescue Debenhams. However, the group was drawn out. In a statement, JD Sports said: “JD Sports Fashion, a leading retailer of sports, fashion and outdoor brands, has confirmed that discussions with Debenhams managers about a potential acquisition of its UK operations have now been fired.”
Debenhams collapsed shortly after Arcadia fell into control.
“We’re looking forward to seeing you in the future,” said Grabiner, CEO of Arcadia. The impact of the Covid-19 pandemic, including forced store closures for a long period, has had a major impact on trading across all brands.
“Through this extremely challenging time, our priorities are to maintain the financial stability of the group, in the hopes of protecting jobs, riding the pandemic and fighting on the other side. It was.
“But in the end, the obstacles we encountered were far too serious in the face of the most difficult trading conditions we’ve ever experienced,” he added.
