Ashley offers Arcadia a lifeline as Cowgill backs away from Debenhams deal

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The imminent collapse of Sir Philip Green’s Arcadia empire has prompted a domino effect in the high street, with JD Sports’ rescue bid for Debenhams now in jeopardy.

JD was set to decide whether to acquire the ailing department store chain last week but is considering backing out after the news surfaced that Arcadia, Debenhams’ biggest concession holder, was on the brink of administration.

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