By Reuters Staff
FILE PHOTO: A Debenhams store is pictured, following the outbreak of the coronavirus disease (COVID-19) in Harrogate, Britain August 11, 2020. REUTERS/Lee Smith
LONDON (Reuters) – The future of struggling British department store chain Debenhams is in doubt after JD Sports Fashion said on Tuesday it would not pursue a rescue takeover.
JD Sports Fashion…confirms that discussions with the administrators of Debenhams regarding a potential acquisition of the UK business have now been terminated, it said.
JDs decision follows the collapse of Philip Greens Arcadia fashion group into administration on Monday. Arcadia concessions in Debenhams stores account for about 5% of Debenhams sales.
Debenhams, which in April went into administration for the second time in a year, trades from 124 stores and employs 12,000.
The retailer is owned by a lenders consortium called Celine UK NewCo 1 Ltd that includes U.S. hedge fund Silver Point Capital. Analysts reckon Debenhams could now face liquidation.read more
Debenhams’ future in doubt as JD Sports ends takeover talks – Reuters India
