Mike Ashley’s Frasers Group Plc is getting closer to a deal to rescue part of the ailing Debenhams department-store chain, according to people familiar with the situation, Bloomberg News reported. The owner of the House of Fraser and Sports Direct chains is in negotiations to buy the 242-year-old Debenhams brand and website and to take on a substantial number of stores, said the people, who asked not to be identified because the information is private.

Private debt funds that lent to UK high street companies including Debenhams and Casual Dining Group have endured losses after the pandemic sent tremors through the leisure and retail sectors, the Financial Times reported.

The Pound to Euro (GBP/EUR) exchange rate plummeted by -1% today, with the pairing currently fluctuating around €1.096, Future Currency Forecast reported. The Pound (GBP) fell today following comments from the European Union’s Chief Negotiator, Michel Barnier, who outlined a ‘very gloomy’ assessment of trade negotiations between the two sides.

Mike Ashley’s Frasers Group said it is in negotiations to buy collapsed department store chain Debenhams from administrators in a rescue deal, which would further extend the retail billionaire’s reach in the British high street, Reuters reported. Frasers, formerly Sports Direct, said that it hoped a deal could be agreed and jobs at Debenhams saved after the COVID-19 pandemic sunk its business, but cautioned that the transaction was complicated and talks needed to take place quickly. A former shareholder in Debenhams, Ashley’s Frasers Group has long-been linked to its rescue.

Losses at Ted Baker, the upmarket UK fashion brand, have ballooned during the pandemic as it was forced into heavy discounting to offset the slump in sales, the Financial Times reported. The chain, which this year launched a turnround after a series of profit warnings, on Monday said pre-tax losses almost quadrupled, increasing more than £63m to £86m in the six months ending August. Sales over the period dropped 46 per cent year on year to £170m.

Billionaire Mike Ashley and advisers to Debenhams are in talks about a takeover deal that could value the troubled U.K. retailer at more than 200 million pounds ($269 million)…Bloomberg News reported. If the deal goes through, Ashley’s Frasers Group would operate Debenhams’ 124 stores under 12-month licenses and could save up to 12,000 jobs, according to the newspaper. The valuation would depend on how much stock is left.

Ann Summers has launched an insolvency process to slash rents, as the sex toy and lingerie retailer fights to survive the hit to high streets caused by the pandemic, the Financial Times reported. The UK chain on Friday announced plans for a company voluntary agreement, which often ends with landlords agreeing hefty rent cuts. It said rents for two-thirds of its 91 stores had been cut after “extensive discussions” with landlords. But it had failed to reach an agreement on 25 stores, which it was now proposing to place under the CVA to negotiate rents pegged to sales.

The Queen’s purse has been hit by a string of company collapses including PizzaExpress and New Look, showing that even royal finances are not immune from the turmoil on the UK’s high streets, the Financial Times reported. The Crown Estate, which manages the monarchy’s £13.4bn commercial property portfolio in the public interest, has suffered as retailers and casual dining chains restructure after pandemic lockdowns and restrictions crushed earnings, plunging many companies into administration.

Tina Green, the ultimate owner of the failed retail group Arcadia, will pay a final £50m promised to its pension fund within days as the political outcry over the collapse of the company intensifies, the Financial Times reported. Lady Green, who is the wife of retail tycoon Philip Green, was set to make the payment in September 2021 as part of an agreement struck with The Pensions Regulator and the trustees last year. However, in a statement on Wednesday, she said the payment would be made within the next 10 days, completing the £100m commitment made at the time.

British clothing retailer Bonmarche has gone into administration, putting another 1,600 jobs at risk in a grim week for the sector, Reuters reported. Philip Green’s Arcadia fashion group collapsed into administration on Monday and on Tuesday department store chain Debenhams said it was starting a liquidation process. Together 25,000 jobs are at risk. RSM Restructuring Advisory said it has been appointed as administrators of Bonmarche, which trades from 225 stores across the United Kingdom.