The imminent collapse of Sir Philip Green’s Arcadia empire has prompted a domino effect in the high street, with JD Sports’ rescue bid for Debenhams now in jeopardy.

JD was set to decide whether to acquire the ailing department store chain last week but is considering backing out after the news surfaced that Arcadia, Debenhams’ biggest concession holder, was on the brink of administration.

JD Sports chief executive Peter Cowgill is understood to have agonised over the decision this weekend, with concerns that the UK will go back into lockdown in the new year.

A decision is expected this week.

If JD drops out, the only potential buyer for the full business would be Frasers Group boss Mike Ashley – who retracted his offer to buy earlier this month after failing to match its £300m price tag.

Ashley offered Green a £50m emergency loan just hours before Arcadia is thought to be appointing administrators.

Frasers confirmed in a statement it has “made an offer and provided draft terms to the Arcadia Group for a loan of up to £50m and is now awaiting a substantive response”.

The retail group also expressed an interest in “participating in any sale process” should the rescue efforts fail and Arcadia fall into administration.

Ashley has also been linked with a possible deal to buy one of Britain’s biggest shopping centres, the Trafford Centre in Manchester, which is being sold after the break up of Intu, which collapsed in June.

Other potential bidders for Arcadia, particularly its Topshop brand, include Marks & Spencer, Next and Boohoo.

Topics