The billionaire owner of Edinburgh Woolen Mill could throw House of Fraser a lifeline as the troubled department store chain edges closer to collapse.
Philip Day, who also controls fashion chains Jaeger and Peacocks, is in talks with the retailer over a potential investment after China’s C.Banner pulled out of a £70m rescue deal.
Such an offer could set up the retail tycoon for a potential takeover battle with fellow retail billionaire Mike Ashley, who is also keen to strike a deal.
According to The Times, the Pensions Regulator is closely monitoring the situation at the ailing department store group, which is scrambling to find a new backer and facing a critical legal challenge to its contentious plan to close more than half of its stores.
The legal challenge by landlords is set to be heard on 14 August, potentially easing the way for a cash injection to save the struggling department store business from collapse according to the Guardian.
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