Mike Ashley's Frasers Group in talks to rescue Debenhams

Mike Ashley's Frasers Group has confirmed it is working on a possible last minute rescue of Debenhams. Mr Ashley has rescued other struggling High Street businesses and used to be a major shareholder in Debenhams. "Frasers said in a statement:"The company confirms that it is in negotiations with the administrators of Debenhams' UK business regarding a potential rescue transaction for Debenhams' UK operations. Liquidators moved in to Debenhams' stores on Wednesday to start clearing stock after a potential rescue deal with JD Sports fell through. Mike Ashley, who founded Sports Direct and also owns House of Fraser, had already made an offer for Debenhams when it was initially put up for sale.

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