Edinburgh Woollen Mill, is rumoured to be interested in acquiring troubled shoe retailer, Brantano.
The firm - owned by Cumbrian businessman Philip Day, who lives at Edmond Castle in Hayton, near Brampton - has been rumoured to have expressed an interest in parts of the business which fell into administration this week.
This has been reported by newswire service, Press Association.
The shoe store’s only Cumbrian location is at Dunmail Park shopping centre near Workington.
Mr Day is Cumbria's richest man with a fortune of £1.05bn according to last year's Sunday Times Rich List.
He acquired Edinburgh Woollen Mill, which supplies of Harris Tweed and knitwear, in 2002 and the Austin Reed and Country Casuals brands last year.
Brantano, which is owned by private equity firm Alteri, has struggled following the Brexit-induced collapse in the value of the pound as well as experiencing difficult trading conditions.
The firm employs more than 1,000 staff and administrator PwC said redundancies would be "inevitable".
Tony Barrell, lead administrator at PwC, said: "Despite significant improvements in the business and reductions in the cost base, trading has continued to suffer in a depressed and competitive footwear market.
"Like many other retailers, Brantano has also been hit hard by the sharp decline in sterling, the ongoing shift in consumer shopping habits and the evolution of the UK retail environment."
Staff will be paid their arrears of wages and salaries, and will continue to be paid for their work while the business is in administration, the accountancy giant added.
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