16th Nov 2020 06:41
(Alliance News) - JD Sports Fashion PLC has joined the race to acquire Debenhams, potentially prising the department store chain away from high street rival and Sports Direct owner Frasers Group PLC, the Daily Telegraph reported on Saturday.
The newspaper said JD Sports is looking into the finances at Debenhams after being granted access over the past two weeks.
Debenhams has among the UK high street stalwarts hit by Covid-19, mounting further pressure on the retailer's already fragile finances.
In August, it emerged that Debenhams planned to cut 2,500 jobs across its stores and warehouses.
Mike Ashley's Frasers owns about a third of the shares in Debenhams, which went into administration back in April, for the second time in roughly a year.
https://www.telegraph.co.uk/business/2020/11/14/jd-sports-emerges-surprise-contender-buy-debenhams/
On Friday, JD Sports said a tribunal has quashed a UK watchdog's verdict that had prohibited the retailer from sealing its takeover of Footasylum.
The decision by the Competition Appeal Tribunal means the Competition & Markets Authority will reconsider the case.
By Eric Cunha; [email protected]
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