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.
JD’s decision follows the collapse of Philip Green’s 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.
via Reuters
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