Debenhams reportedly set a 5pm deadline yesterday for bidders interested in acquiring the ailing department store chain, meaning it will now take no more offers.
This is according to information acquired by Sky News yesterday, which reported that administrator FRP Advisory hopes to close a deal by the end of September.
A number of other parties are included in overseeing the sale, including investment bank Lazard and Hilco Capital, a restructuring specialist.
If the company does not reach a deal it will be forced into pursuing a different course of action, likely resulting in thousands of job losses.
This would be on top of the approximate 4,000 redundancies it has already made since the coronavirus pandemic too hold.
Debenhams had been struggling even before lockdown, however. Only last year it began the closure of 22 UK sites.
Read below about the company’s decision to make a second round of job cuts last month: