Fashion retailer Boohoo has bought the Debenhams brand and website for £55m, according to BBC News.
Boohoo said it was a “transformational deal” and a “huge step”. But the deal means that up to 12,000 jobs at the department store chain are set to go.
The 242-year-old Debenhams chain is already in the process of closing down, after administrators failed to secure a rescue deal for the business.
In a separate development, Asos says it is in “exclusive” talks to buy the Topshop, Topman, Miss Selfridge and HIIT brands out of administration.