Adds background on Fraser Group curiosity in Arcadia, Debenhams
Adds background on Fraser Group curiosity in Arcadia, Debenhams
Dec 12 (Reuters) – Genuine Manufacturers is plotting a double takeover of collapsed division retailer chain Debenhams and Topshop-owner Arcadia Group, The Day by day Telegraph newspaper reported on Saturday, citing sources.
Genuine Manufacturers, proprietor of the New York division retailer model Barneys, is in talks this weekend with the directors of each stricken corporations, the newspaper reported.
The businesses didn’t reply to a request for touch upon Saturday.
Mike Ashley’s Frasers Group FRAS.L mentioned on Monday it was in negotiations to purchase Debenhams from directors in a rescue deal. It was additionally thinking about collaborating within the sale of Philip Inexperienced’s collapsed Arcadia Group.
Frasers, previously Sports activities Direct, mentioned that it hoped a deal may very well be agreed and jobs at Debenhams saved after the COVID-19 pandemic sunk its enterprise, however cautioned that the transaction was sophisticated and talks wanted to happen shortly.
Directors for Debenhams mentioned earlier in December it could be wound-down, closing all its retailers after 242 years in enterprise and placing 12,000 jobs in danger. Inexperienced’s Arcadia style group collapsed into administration late in November placing greater than 13,000 jobs in danger.
(Reporting by Kanishka Singh in Bengaluru; Enhancing by Daniel Wallis)
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