"The company confirms that it is in negotiations with the administrators of Debenhams' UK business regarding a potential rescue transaction for Debenhams' UK operations," Frasers said in a brief statement. "Whilst Frasers Group hopes that a rescue package can be put in place and jobs saved, time is short and the position is further complicated by the recent administration of the Arcadia Group." Administration is a process whereby a seriously troubled company drafts in outside expertise to try and salvage at least parts of the business. In recent times, Ashley has rescued British department store chain House of Fraser. The Frasers group also includes Ashley's Sports Direct chain of shops as well as high-end clothing retailer Flannels and video-game outlets Game.