Online fashion fast-fashion retailer Boohoo is to snap up the Debenhams brand in a deal that is expected to result in the closure of most of its remaining department stores.
A deal is expected to be announced in the coming days, The Financial Times reported. The deal is likely to see Boohoo only take on its online brands and fashion lines.
It means 10,000 Debenhams staff will face yet more uncertainty as its retail centres are sold off or shut down.
The last-minute deal is expected to value the brand at just £50m ($95m), the FT said.
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Debenhams collapsed in December last year after another round of lockdown store closures pushed it over the brink. The retailer, which traces its roots back to 1778, originally filed for administration in April.
Other potential buyers last month had included Mike Ashley's Frasers and JD Sports. Frasers could still be interested in some department stores. JD Sports pulled out of rescue talks in December.
It comes after Asos emerged as the expected winning bidder to rescue Topshop this weekend following the collapse of Sir Philip Green's Arcadia.
Boohoo did not respond to a request for comment. Debenhams declined to comment.
- Telegraph Media Group