Department store Debenhams is at a crossroads as it has advised potential buyers that bidding will close at end-of-play on Wednesday of this week, the Sunday Times reported.
Frasers Group and other buyers have been warned that if they do not make a sufficient bid by 28 October, just two days away, then Debenhams will no longer consider their interests as serious and will pursue other options.
The ailing department store went into administration once more earlier this year in April, the month after the UK’s lockdown began.
If no buyer is found for the takeover, it could mean the end of the 242-year-old Debenhams, which would mean mass job losses around the UK.
It has been a rocky couple of years for the business. In just the six months since it went into administration, Debenhams has also made around 6,500 redundancies and announced serious intentions to consider liquidation.
Its problems predate the coronavirus pandemic, however, after it announced the closure of 22 stores back in April 2019.
Much as it is now, the department store chain closed bidding once more in early September this year, but to no avail.
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