Debenhams submits bid for Jane Norman

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Debenhams has tabled a bid for struggling fashion chain Jane Norman according to a report in The Independent.

The 15 banks backing the retailer put the chain up for sale earlier this month and are said to be keen to secure a deal within the next few days. The news comes as Jane Norman is due to pay a huge third quarter rent bill today.

Debenhams is said to want to  retain the Jane Norman concessions already in its department stores but is not keen to acquire the 91 high street shops. However it has been reported that the retailer has offered to buy some of the stocks from these shops. 

Jane Norman, which is struggling with debts of £140 million, has also been reported to be the target of a potential bid from Auroa Fashions as well as a number of retail restructuring companies.

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