Indian retail giant eyes Debenhams
◆ Mukesh Ambani, one of India’s wealthiest men, is eyeing struggling Debenhams, writes Laura Onita.
His business, Reliance Retail, India’s largest retail empire, which bought the toy store Hamleys, could buy part or all of the department store chain. A formal bid has not been tabled yet, Sky News first reported.
Debenhams fell into administration in April, with investment bankers at Lazard trying to find bidders for the business. Debenhams’ Danish subsidiary Magasin du Nord is also up for sale.
Debenhams was delisted from the London Stock Exchange after its administration in 2019, when lenders led by US firm Silverpoint Capital took control of the business.