Fashion retailer is in talks with American investment firm Davidson Kempner Capital Management for a joint bid to gain control of Arcadia fashion group, which collapsed into administration last month, Sky News reported today
The two companies were "likely, but not certain" to bid for Arcadia ahead of a revised deadline next Monday, the Sky News report added, citing sources.
Under the plans being discussed, Davidson Kempner would provide the majority of the funding required to complete a takeover, Sky News reported.
Next and Davidson Kempner Capital Management did not immediately respond to Reuters requests for comment.
Arcadia's collapse into administration in November put over 13,000 jobs at risk, with the company becoming one of the UK's biggest corporate casualties of the Covid-19 pandemic.
The fashion group, whose brands include Topshop, Topman, Dorothy Perkins, Wallis and Miss Selfridge, trades from 444 leased sites in the UK and 22 overseas.
The Daily Telegraph earlier this month reported Authentic Brands was planning a takeover of Arcadia Group, which had declined sportswear group Frasers' offer of a "lifeline" loan of up to £50m.
Joint provisional liquidators were appointed by the High Court to four Irish operating companies that are part of the UK fashion group Arcadia last month.
There are 487 people employed in 14 stores in Ireland by the companies that include Topshop/Topman Ireland.
The firms also operate concession stands in a number of different premises.
