Harvey Nichols will collapse without a rescue deal, directors warn, as Frasers eyes takeover

Harvey Nichols directors have warned that the luxury department store chain could collapse and cease trading within 12 months without a rescue deal or additional funding. The Knightsbridge-headquartered retailer requires a £60m bailout to survive. Owner Dickson Poon put the business up for sale in June, with Mike Ashley's Frasers Group emerging as the front-runner for the takeover. Frasers Group, which owns Sports Direct and House of Fraser, is reportedly aiming to acquire the chain for approximately £40m.