There is hope the future of Lichfield’s Debenhams store can be secured after a last-ditch bid was launched to save the retailer.
The business had been expected to fold after previous talks with JD Sports over a potential purchase failed, leading to plans by administrators to “wind-down” the company.
But now the Frasers Group, owned by Sports Direct’s Mike Ashley, has launched a last gasp bid to save the firm.
In a statement to the London Stock Exchange, Frasers Group said it hoped a deal could be reached – but warned there were still many hurdles to overcome.
“The company confirms that it is in negotiations with the administrators of Debenhams’ UK business regarding a potential rescue transaction for Debenhams’ UK operations.
“While 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.”
Frasers Group
It is not clear whether any takeover would see all Debenhams stores saved, although a report from the BBC suggests a previous bid for the ailing retailer by the same group would have seen only around a quarter of outlets retained.