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07 Dec 2020 | 07:01

Frasers confirms talks on potential Debenhams rescue bid

(Sharecast News) - Frasers Group confirmed it was in talks with administrators of retail chain Debenhams on a potential rescue, but warned "time is short" to do a deal. The group, owned by retail tycoon Mike Ashley, revived its interest in taking over Debenhams over the weekend, after JD Sports pulled from acquisition talks last week and placed the 242-year-old retailer on the verge of liquidation.

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," the company said on Monday.

"There is no certainty that any transaction will take place, particularly if discussions cannot be concluded swiftly."
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