Debenhams has tabled a bid to acquire the stock and brand of fashion chain Jane Norman, it is understood.
According to The Independent, Debenhams wants to keep the profitable Jane Norman concessions trading in its department stores, but has no interest in its 91 high-street stores. It is also thought it has offered to buy some of the stock in Jane Norman’s standalone shops.
Jane Norman is due to pay its rent bill tomorrow and it is unclear if the lenders have the appetite for such a payment.
Debenhams has a change of ownership clause in its contract, which means it could terminate Jane Norman’s concession contract if the business was sold to a third party. The deal would be similar to that of Principles, when Debenhams picked up the brand name and stock out of administration to use as an own label, but did not take on its high street stores.
Jane Norman was put up for sale by its banks and has hired PricewaterhouseCoopers to complete the deal.
The team behind Aurora Fashions are also thought to be interested, as revealed by Drapers. There are also some retail restructuring firms circling.