Reliance Retail pulls out of race to rescue Debenhams

Debenhams closure

Reliance Retail has pulled out of the race to buy Debenhams as the embattled department store chain battles to secure its future.

The Indian conglomerate, controlled by the country’s richest man Mukesh Ambani, had emerged as a surprise bidder for the retailer last month but has now dropped out of the auction.

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