JD Sports has walked away from a potential rescue takeover of troubled department store chain Debenhams, in a brutal week for the high street.
The sportswear retailer, led by Peter Cowgill, had been in exclusive talks about a deal for Debenhams, which fell into administration earlier this year.
The potential suitor was understood to have been attracted to Debenhams’ popular website and the prospect of buying space on the High Street at a cheap price. It would not have looked to put JD Sports concessions in branches.
But JD Sports today confirmed “that discussions with the administrators of Debenhams regarding a potential acquisition of the UK business have now been terminated”.
The move means further uncertainty for Debenhams, which has around 12000 staff and 124 stores.
The update comes shortly after Arcadia, which has a number of concessions in Debenhams stores, plunged into administration, putting 13000 jobs at risk.