THE future face of shopping in Bournemouth town centre could be decided by an 11th hour rescue bid for Debenhams.
Frasers Group, owned by Sports Direct founder Mike Ashley, revealed yesterday that it was talks over the department store chain, whose shops are currently all set to close.
But it warned that discussions would have to be concluded quickly if there was to be any prospect of a rescue succeeding.
However, it is not clear what a rescue would mean for Bournemouth – where the company has a large House of Fraser store not far from Debenhams, as well as a Sports Direct.
In an announcement to the Stock Exchange, Frasers said it was in talks with Debenhams’ administrators about a deal which could save at least some of the 12,000 jobs put at risk.
All Debenhams stores set to close after rescue talks collapse
A previous rescue bid for Debenhams by JD Sports was scuppered last week after Sir Philip Green’s Arcadia Group went into administration. Arcadia – whose brands include Topshop, Miss Selfridge, Wallis and Dorothy Perkins – runs many of the concessions in Debenhams stores.
Frasers Group said: “Whilst Frasers Group hopes that a rescue package can be put in place and jobs saved, time is short and the position is further complicated by the recent administration of the Arcadia Group, Debenhams’ biggest concession holder.
“There is no certainty that any transaction will take place, particularly if discussions cannot be concluded swiftly.”
Retail commentators have suggested that if administrators accept an offer from Frasers Group, there is likely to be a substantial cut in the number of Debenhams stores.
Debenhams currently has 124 shops, all of which are rented. Last week, its former chairman Ian Cheshire suggested that the company had a “fantastic business inside it” of “probably 70 stores” and its website.
The closure of another Bournemouth department store – following the demise of Beales this year and the axing of its Marks & Spencer branch in 2018 – would leave a major gap in the town centre.
Debenhams and House of Fraser future 'uncertain'
Debenhams’ Bournemouth store has dominated the Square since it opened in 1915 as Bobby & Co.
The Bobby & Co stores later became part of the Debenhams group and the Bournemouth store was rebranded in 1972.
Picture of the Day: When Debenhams was Bobby's
House of Fraser’s store on Old Christchurch Road has an even longer history, opening in 1871 as Bright’s of Bournemouth, selling needlework and wool in the Arcade.
Bright’s expanded into neighbouring shops and was later bought by Dingles. Dingles became a division of House of Fraser and the separate name was dropped in 2006.
The shop was due to close in 2019 under a previous restructuring plan, which was dropped when Mike Ashley’s company bought the business.
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