Mike Ashley Frasers Group has sold its 25% stake stake in French Connection
Share price soared Friday after takeover approaches from investment groups
Spotlight Brands, behind fitness-focused Sweaty Betty, and Laura Ashley owners Gordon Brothers made one of the approaches
Proposals come same week that Asos announced its £330m Topshop takeover
Bohoo has agreed a £55million deal to buy the brand and website of Debenhams
57 of 264 stores on Oxford Street already permanently shut with annual revenue falling to below £2billion
More than 50,000 retail and hospitality jobs set to be lost when third lockdown ends, industry group claims
New West End Company has warned the globally unique West End ecosystem is beginning to break down
It claims West End has suffered tougher financial hit from coronavirus pandemic than any other part of UK
Boohoo has bought collapsed department store group Debenhams for £55m but will shut all remaining stores
Deal confirms Debenhams brand will disappear from high street after 242 years with up to 12,000 job losses
Boss Mahmud Kamani in battle with Amazon as he wants to dominate homeware and beauty as well as clothes
His son and PrettyLittleThing founder, Umar Kamani, says the family used to make weekly trips to Debenhams
Retail sales have plummeted by the largest amount since records began as the coronavirus pandemic paralysed the shopping sector.
A cycle of lockdowns and harsh restrictions to stop the spread of Covid-19 have seen High Streets decimated.
Today the Office for National Statistics said sales were down 1.9 per cent, the biggest slump since figures started being collated in 1996.
There was a slight 0.3 per cent rise in sales during December, but this was not enough to save the year.
The high street has been decimated by the strict restrictions and lockdowns this year
Normally busting parts of London remained abandoned this week under strict lockdown
Retailers across the UK have been struggling for years due to online competition and rising cost like rents and business rates. But the arrival of the Covid-19 pandemic was the final nail in the coffin for many of them.
With non-essential stores forced to close down to comply with and lockdowns and restrictions to curb the spread of the virus - and fewer customers and tourists walking into shops even when they were open - most retailers have seen sales plummet.
While some managed to stay afloat by taking furlough cash, cutting jobs and closing down stores, others have had to call in administrators, put the shutters down for good, or attract bidders.