Online fashion retailer Boohoo Group Plc is set to acquire collapsed British department store group Debenhams in a cut-price deal that will result in the closure of the group's remaining department stores, the Financial Times reported on Sunday.
The purchase price is expected to be about 50 million pounds ($68.39 million) and a deal could be announced in the next few days, the newspaper reported, citing two people with knowledge of the transaction.
Boohoo and Debenhams declined to comment on the FT report.
Debenhams was continuing to engage with a number of third parties regarding the sale of all or parts of the business, administrator FRP Advisory said earlier this month.
The Daily Telegraph reported last month that Authentic Brands, owner of the New York department store brand Barneys, was plotting a takeover of Debenhams and was in talks with its administrators.
Administrators for Debenhams said in December it would be wound down, closing all its shops after 242 years in business and putting 12,000 jobs at risk amid the COVID-19 pandemic.
UK's Debenhams, 242-year-old department store, to shut downThe future of around 25,000 retailing jobs in Britain hangs in the balance after the failure of two long-established companies laid bare the fragility ... Coronavirus
Coronavirus: UK retailer Debenhams confirms it is cutting 2,500 jobsStruggling British departmentstore Debenhams is to cut 2,500 jobs, saying it had to align itsstore costs with realistic trading expectations during ... Coronavirus
UK clothing giant Asos set to create 2,000 jobsBritish online clothing retailer Asos on Friday unveiled plans to create 2,000 jobs over the next three years with the creation of a new warehouse in ... Economy