Philip Green's struggling British fashion group Arcadia turned down rival Frasers Group's offer of a "lifeline" loan on Monday (Nov 30).
Mike Ashley's Frasers group reportedly offered up to £50 million or $67 million.
Arcadia owns brands including Topshop, Topman and Dorothy Perkins.
It has over 500 stores and employs over 13,000 people.
But sales have been hammered by the COVID-19 pandemic.
Sky News reported on Friday that Arcadia could go into administration this week...
making it the biggest British retail casualty of the pandemic so far.
Frasers Group said they were not given any reasons for the loan rejection.
Arcadia declined to comment.