House of Fraser’s fate could be sealed today as creditors assess three takeover bids from Sports Direct owner Mike Ashley, Jaeger owner Philip Day and turnaround firm Alteri Investors.
Sky News reported that talks were held yesterday over the potential bids with a view of finalising a decision today.
House of Fraser’s fate has been hanging in the balance since its potential saviour, C.banner, confirmed it is was in talks to cancel its deal to acquire a majority stake in the company, handing the retailer the task of finding funding of around £50m as it prepares to pay its rent bill and carry on trading.
Retail billionaire Day emerged as another potential saviour for the beleaguered department firm, after hopes of a potential rescue bid from Ashley were thrown into doubt.
Day has overseen a string of takeovers on companies including Jaeger, Austin Reed and Jane Norman after they fell into administration.
Creditors approved House of Fraser’s company voluntary arrangement (CVA) in June, in which 31 stores will close with the loss of around 6,000 jobs.