General
There is a fresh glimmer of hope for Debenhams. Frasers Group, owned by controversial businessman Mike Ashley, is negotiating with the department store chain about a potential rescue.
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Fashion
British fashion group Arcadia, mainly known from the brand Topshop, is bankrupt. The corona crisis turned out to be the final blow for the retailer. The bankruptcy could also have far-reaching consequences for Debenhams.
Preliminary yearly results for Sports Direct indicate that the integration of House of Fraser is weighing heavily on the group. The company may also have to pay 674 million euros to the Belgian tax authorities.
Department store chain Debenhams is carrying a massive debt load, but still the chain has rejected Mike Ashley's ultimate plan to save it. That means the company is now under the control of the creditors.
