FRASERS GROUP BUYING SHUTTERED UK RETAILER DEBENHAMS

Mike Ashley’s Frasers Group said it is in negotiations to buy collapsed British department store chain Debenhams from administrators in a potential rescue deal.

Frasers said that it hoped a deal, previously reported by The Sunday Times, could be reached and jobs saved, but cautioned that the transaction was complicated by the recent administration of Debenhams-concession holder Arcadia Group, Sarah Young reported for Reuters.

“There is no certainty that any transaction will take place, particularly if discussions cannot be concluded swiftly,” Frasers said in a statement.

Business tycoon Paul Green, who controls the Arcadia Group, was earlier criticized for not pumping in money to his businesses.