High street billionaires Ashley and Day are the last two bidders left for the embattled fashion retailer which is hovering on the brink of administration, according to reporting from Sky News.

Ashley’s Sports Direct and Day’s Edinburgh Woollen Mill Group are both looking to snap up the struggling retailer, which was put up for sale by its owner investment firm BlueGem in July.

The firm have been searching for a buyer for the brand after it burned through a £28m cash fillip in the first half of the year and appeared to be headed for restructuring or a possible administration.