30th Nov 2020 09:36
(Alliance News) - JD Sports Fashion PLC is considering backing away from a possible offer to rescue financially on-the-brink retailer Debenhams, amid the looming collapse of Philip Green's Arcadia Group, the Times reported on Saturday.
Arcadia, which runs the Topshop, Dorothy Perkins and Burton fashion store brands, is the biggest holder of concessions within Debenhams department stores, the newspaper noted.
https://www.thetimes.co.uk/article/arcadia-collapse-sends-debenhams-rescue-skidding-8mg7zqbkg
Frasers Group PLC, owner of JD Sports arch-rival Sports Direct, on Monday said it is interested in any sale process for Arcadia, should the UK retailer fall into administration. Frasers said it has already made an offer and provided draft terms to Arcadia for a loan of up to GBP50 million, and is awaiting a "substantive response".
It added: "Should the company and the Arcadia Group's efforts to agree an emergency funding package fail and the Arcadia Group enter into administration, the company would be interested in participating in any sale process."
JD Sports shares were up 6.6% at 781.80 pence on Monday morning in London, while Frasers shares were up 0.1% at 447.80p.
By Tom Waite; [email protected]
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