JD Sports’ rescue of Debenhams is now in peril. JD Sports is backing away from talks with Debenhams administrators after an exclusivity period ended without an agreement to salvage the department store.
Arcadia is the department store’s biggest concession holder and its potential collapse next week has cast a shadow over discussions to save Debenhams, according to City sources The Telegraph reports.
Despite JD Sports no longer being in exclusive discussions, sources close to the FTSE 100 retailer insisted it had not withdrawn completely from the process.
Debenhams was owned by a consortium of hedge fund lenders until it went bust for the second time in a year, in April. It employs 12,000 people across 124 stores.
The cooling of discussions between administrators and JD Sports raises the spectre of liquidation. The specialist firm Hilco has been lined up to handle a potential winding-down of the business.
Alternatively, the developments could push Debenhams into the hands of the Sports Direct tycoon Mike Ashley, who has made a series of bids.
Main Photo : People in masks pass a closed Debenhams store on Oxford Street in London, Britain. EPA-EFE/NEIL HALL
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