- Huw Hughes |
JD Sports is reportedly in exclusive takeover talks with Debenhams over a deal that could save thousands of retail jobs before Christmas.
The British sportswear company entered exclusive talks with Debenhams’ adviser Lazard and administrators at FRP on Monday and is interested in acquiring the whole business, The Times reports.
Debenhams, which fell into ‘light touch’ administration back in April, has 12,000 staff and 124 stores.
The Telegraph reported last week that JD Sports had been granted access to Debenhams’ secure data room to examine its finances, indicating the retailer was serious about a potential rescue deal.
Earlier this month, Frasers Group - which owns JD Sports rival Sports Direct - stepped out of the race to acquire Debenhams after failing to match a 300 million pound price tag demanded by the UK department stores group’s advisers.
Photo credit: Debenhams