Debenhams could be celebrating a Christmas miracle later this year following reports that JD Sports is set to acquire the entire business pre-Christmas.
According to The Times, the sport-fashion retailer has entered exclusive talks with Lazard, Debenhams’ advisor, and administrators at FRP to purchase the struggling department store chain.
The rescue deal would save thousands of retail jobs and ensure the security of more than 120 Debenhams stores across the UK.
Owned by British businessman Peter Cowgill, JD Sports, a competitor of Mike Ashley’s Sports Direct, operates 402 stores in the UK and Ireland and is said to be worth more than £6bn.
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