JD Sports in talks with Debenhams about rescue takeover that could secure thousands of jobs
JD Sports is in talks with Debenhams about a rescue takeover that could secure thousands of jobs.
The FTSE100 trainer and sports fashion seller is interested in buying the whole chain and opened talks with its administrators yesterday.
Debenhams, which has 124 stores and 12,000 staff, went into administration in April for the second time in two years as it was hammered by the pandemic.
Saviour?: The FTSE100 trainer and sports fashion seller is interested in buying the whole chain and opened talks with its administrators
The department store has renegotiated with landlords this year to extricate itself from expensive and lengthy leases that made it unattractive to a buyer.
JD believes the stores are a bargain, and will also be able to revitalise Debs’ website, which despite its decline remains one of the UK’s most popular places to shop online.
Sources confirmed the talks, but warned a deal could not be guaranteed.
The news will infuriate Mike Ashley, the founder of JD’s rival Sports Direct, who has been trying to buy Debenhams for years.
His bid was rejected because it was below the £300m that the administrators were asking for. Debenhams and JD Sports declined to comment.