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PRIVACY
Retail & Consumer

Debenhams rescue talks taking place with Mike Ashley's Frasers Group

The billionaire retail tycoon's group says jobs could be saved but warned time was running out

(Image: Richard Swingler)

Frasers Group - owned by Mike Ashley - has confirmed it is in rescue talks for collapsed department store Debenhams.

The retailer said in a stock market statement that it was "in negotiations with the administrators of Debenhams' 海角视频 business" on a possible deal.

Last week Debenhams confirmed that a liquidation process had started, putting 12,000 jobs at risk, after JD Sports pulled out of a rescue deal.

It followed news that Topshop owner Arcadia was going into administration, in one of the worst weeks on the 海角视频 high street.

Debenhams said it would keep trading through its 124 海角视频 stores and online in a bid to clear stock.

Shoppers queue outside Debenhams on Oxford Street in London(Image: Yui Mok/PA Wire)

It said its 海角视频 operations would close if there were no alternative offers for the business.

In a statement today, Frasers Group said: "The Company confirms that it is in negotiations with the administrators of Debenhams' 海角视频 business regarding a potential rescue transaction for Debenhams' 海角视频 operations.

"Whilst 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.