JD Sports Fashion plc (LSE:JD.) is in exclusive talks with British department store chain Debenhams plc over a potential rescue takeover, The Times reported. In August, Debenhams appointed Hilco Capital to draw up contingency plans for a possible liquidation of the chain in the unlikely event that an attempt to sell the business ends in failure. The group, which is currently in administration, had announced 2,500 job cuts earlier in the year after demand slumped during the national lockdown in Britain. The Times reported that JD Sports, which is interested in acquiring the whole of the department store chain, has opened talks with its adviser Lazard and administrators at FRP. JD Sports did not immediately respond to a Reuters request for comment, while Debenhams declined to comment.