Bidders for Debenhams were told to display their interest in rescuing the department stores chain by the end of yesterday as doubts grow about the future of the business.
Advisers at Lazard, the investment bank running the sale process, told interested suitors that they needed to submit bids by 5pm yesterday. An insider said that the process was a “checkpoint” to verify there was genuine interest in rescuing the business.
Debenhams wants to strike a deal by the end of this month, or it will start exploring other options that could put 14,000 jobs in jeopardy. It insists that liquidation remains a last resort.
However, an industry source told The Times that the company’s fate was uncertain as the business had not been paying rent
