Mukesh Ambani-led Reliance Retail is said to have withdrawn from the race to buy Debenhams, The Sunday Times reported, quoting a person close to the process.
Reliance had denied previous reports that it was in talks to buy all or part of Debenhams. Multiple parties remained interested in the firm, according to paper.
The UK department store was taken over by creditors in a debt-for-equity swap in 2019, and entered into administration for the second time in a year, in April. It will be liquidated if the auction fails to secure a buyer.
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