It is thought that House of Fraser’s creditors will come to a decision about the retailer’s future today. Bids from Sports Direct owner Mike Ashley, Edinburgh Woollen Mill Group owner Philip Day and turnaround specialist Alteri Investors remain in the picture.
Sky News reports that PwC spent yesterday negotiating on behalf of HoF’s lenders and bondholders with at least three prospective buyers.
Philip Day’s bid is thought to avoid an administration process while Ashley’s is reported to involve putting the department store chain through a pre-pack administration.
PwC is said to be preparing to outline creditors’ preferred options to HoF’s advisor Rothschild as early as today, but insiders said the timeline could slip.
Drapers has contacted HoF for comment.
Earlier this week, Drapers reported HoF is due to start making payments to its concession partners from 15 August onwards.