Reports suggest that Debenhams is looking for new owners after falling into administration for the second time in a year. It has been reported that Debenhams entered lockdown with £600 million in debt. The situation has led to the permanent closure of 18 stores as well as job losses estimated in the thousands.

Investment bank Lazard has been appointed to oversee the process of finding new owners, with law firm Freshfields providing advice. There are several parties reportedly interested in the sale including a Chinese consortium and Fraser’s Group owner Mike Ashley. Other possibilities include joint venture arrangements or even the current owners retaining the business.