Retailer group JD Sports Fashion posted the biggest gain in the FTSE 100 today, as the industry awaits news over the expected collapse of Sir Philip Green’s Arcadia Group.
Press reports over the weekend suggested that the impending appointment of administrators for Arcadia could spell doom for Debenhams, in which Arcadia is the largest concession holder.
That, in turn, is said to have discouraged JD Sports from pursuing a rescue of Debenhams.
JD Sports shares rose by close to 6% to finish the day at 776.2p. The company has yet to issue a statement confirming its intentions for Debenhams.
One possible lifeline for Arcadia was Mike Ashley’s Frasers Group, which confirmed this morning that it offered to lend the business £50m, but is also “interested in participating in any sale process” if Arcadia enters administration. Arcadia has since declined the offer. Frasers’ shares closed down 5.7% at 421.8p.
The FTSE 100 dropped by 1.6% to close at 6,266 points. The FTSE 250 was up by 0.7% at 19.336.
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