Mike Ashley talks about buying Debenhams

Mike Ashley’s Fraser’s Group is in final talks to buy the diseased Debenhams department store with a move that could save thousands of jobs.

The owner of the Sports Direct brand confirmed this in an email statement, saying that Debeham, one of the UK’s best retail brands, “hopes to save as many jobs as possible.”

Mike Ashley: We hope to save as many jobs as possible.
Mike Ashley: We hope to save as many jobs as possible.

News of Ashley’s interest came shortly after Debenhams said the business would have to be completely wiped out after negotiations with Jedi Sports ended. Debenhams has been suffering for many years, with expensive stores being overcrowded, large rents and huge property taxes.

Debenhams’ failure to employ 12,000 people comes a week after British retailers were left in a state of shock after Philip Green’s Arcadia Group, owner of the Topshop and Dorothy Perkins brands, filed a lawsuit against 13,000 jobs.

Debenhams has 124 stores, all rented out, and Frasers can operate on a 12-month license once a deal is completed, while determining how many stores can be saved.

Any deal with Fraser should be better than Debenham’s liquidation value, and negotiations with the FRRP adviser, who has been in charge of the department store since April, are likely to focus on around $ 280 million ($ 10,310 million). .

Bloomberg

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