Two well-known acquirers of troubled companies have reportedly shown interest in acquiring Ted Baker following the revelation that the company will be closing one-third of its UK outlets.

Two companies known for their history of buying out faltering fashion brands—Frasers Group and Next—are among the interested parties. The Times reports that these corporations have contacted Teneo Advisory’s administrators to express their desire to acquire No Ordinary Designer Label (NODL), Ted Baker’s struggling European retail division. According to the article, they might look at buying the company outright or just a portion of it.

Both Frasers Group and Next have become major actors in the UK fashion business, thanks to their skill at rescuing struggling labels and giving them new life. Names like Gap and Victoria’s Secret have license deals with Next, which is just one example of their track record of fruitful collaborations with brand owners. Ted Baker’s childrenswear, nightwear, and lingerie are licensed through Next, which already has an established relationship with the brand.

Gieves & Hawkes and Jack Wills are only two of the many well-known brands that Frasers Group has bought. Some of its acquired companies have flourished after it took over, while others have gone under, been sold, or gone into administration. Additionally, the firm has sizable holdings in publicly traded companies such as ASOS and Boohoo Group.

Frasers Group and Next are reportedly interested in taking over Ted Baker’s retail and e-commerce operations in the UK and Europe, after NODL’s administration. According to Authentic Brands Group, the Ted Baker brand’s ultimate owner, the administration was carried out because the unit encountered insurmountable obstacles, especially after its relationship with the Dutch company AARC.

It should be noted that the administration procedures have no bearing on other parts of the larger Ted Baker company, namely PDS Group and its North American operational partner OSL.

As speculation mounts over a possible merger between Frasers Group and Next, industry watchers eagerly anticipate official announcements from the two companies.