[ad_1]
Mike Ashley’s Frasers Group has confirmed that it is in talks about a “potential rescue transaction” for the collapsed Debenhams department store.
The retailer said in a stock market statement that it was “in negotiations with the managers of Debenhams’ UK business” about a possible deal.
He added: “While the Frasers group hopes that a rescue package can be implemented and jobs saved, the time is short and the situation is further complicated by the recent administration of the Arcadia group, Debenhams’ largest concessionaire.
“There is no certainty that any transaction will take place, especially if the discussions cannot be concluded quickly.”
Monday’s statement came after the Sunday Times first revealed details of the talks over the weekend.
CFO Chris Wootton reportedly said that under the agreement, Frasers “would hope to be able to save as many jobs as possible.”
Debenhams, the 242-year-old department store chain, revealed last week It was going to be liquidated, putting 12,000 jobs at risk, as attempts to find a buyer, after he fell into administration, failed.
If it were to disappear completely, it would represent the biggest job for a UK company during the pandemic, as the retailer has already cut 5,000 jobs.
