British retail group Frasers is in talks to buy the United Kingdom activities of failed department store chain Debenhams, it announced on Monday, December 7.on the brink of collapseFrasers is headed by Mike Ashley, owner of English Premier League football club Newcastle United and renowned for purchasing major retailers that have fallen from great heights.
In a statement, Frasers said that while it hoped to reach a deal with administrators of Debenhams, the outlook was complicated by"The company confirms that it is in negotiations with the administrators of Debenhams' UK business regarding a potential rescue transaction for Debenhams' UK operations," Frasers said in a brief statement.
"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." Administration is a process whereby a seriously troubled company drafts in outside expertise to try and salvage at least parts of the business.The Frasers group also includes Ashley's Sports Direct chain of shops as well as high-end clothing retailer Flannels and video-game outlets Game.ahead of and during the pandemic, currently employs around 12,000 staff – mostly being paid by the government under its COVID-19 furlough scheme.
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