LONDON (dpa-AFX) - Frasers Group plc. (FRAS.L), formerly known as Sports Direct International plc., Monday confirmed that it has made an offer and provided draft terms to retailer Arcadia Group for a loan of up to 50 million pounds and is now awaiting a substantive response.
Frasers was responding to recent press reports concerning the potential provision of emergency funding by the company to the Arcadia Group.
The company said, 'Should the Company and the Arcadia Group's efforts to agree an emergency funding package fail and the Arcadia Group enter into administration, the Company would be interested in participating in any sale process.'
As per reports, Philip Green's Arcadia, which includes Topshop, Burton and Dorothy Perkins, is facing collapse within hours, despite a rescue deal. The company, which had been seeking extra cash to continue to operate, reportedly could enter administration as soon as Monday, putting 13,000 jobs at risk.
Copyright RTT News/dpa-AFX