India’s richest man, Mukesh Ambani has reportedly lost interest in acquiring the ailing UK high-street department store, Debenhams, according to The Sunday Times.
Ambani’s Reliance Retail had earlier denied speculation of the acquisition.
Other parties remain interested in the company, which was taken over by creditors in a debt-for-equity swap in 2019. It then entered administration for the second time in a year in April.
If a buyer is not secured, Debenhams will be liquidated.
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